Confluence Investment Management LLC Cuts Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Confluence Investment Management LLC trimmed its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 3.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,078,928 shares of the company's stock after selling 41,165 shares during the quarter. Confluence Investment Management LLC owned approximately 0.41% of Gates Industrial worth $18,935,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of GTES. Vanguard Group Inc. lifted its holdings in Gates Industrial by 17.5% in the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company's stock valued at $318,935,000 after buying an additional 2,678,954 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Gates Industrial by 2.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company's stock valued at $262,011,000 after purchasing an additional 303,353 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Gates Industrial by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company's stock valued at $188,477,000 after purchasing an additional 1,037,741 shares in the last quarter. LSV Asset Management grew its stake in Gates Industrial by 19.9% during the second quarter. LSV Asset Management now owns 4,137,951 shares of the company's stock worth $65,421,000 after purchasing an additional 686,080 shares during the period. Finally, Fred Alger Management LLC increased its holdings in Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock worth $42,144,000 after purchasing an additional 1,627,482 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. KeyCorp increased their price target on Gates Industrial from $21.00 to $22.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. Evercore ISI boosted their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a report on Monday, August 19th. Royal Bank of Canada upgraded shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. Barclays increased their price target on Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a research report on Tuesday. Finally, The Goldman Sachs Group lifted their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial has an average rating of "Moderate Buy" and an average target price of $20.30.

Gates Industrial Price Performance

GTES remained flat at $21.27 on Friday. 2,387,203 shares of the company traded hands, compared to its average volume of 3,080,330. The stock's 50 day simple moving average is $18.02 and its 200 day simple moving average is $17.26. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 52 week low of $11.14 and a 52 week high of $21.54. The stock has a market cap of $5.42 billion, a price-to-earnings ratio of 25.63 and a beta of 1.38.

Gates Industrial declared that its board has approved a share repurchase plan on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Wilson S. Neely bought 11,952 shares of Gates Industrial stock in a transaction on Wednesday, August 21st. The stock was acquired at an average price of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now directly owns 6,000 shares of the company's stock, valued at $100,800. This represents a -200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.

About Gates Industrial

Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.