Empowered Funds LLC acquired a new position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 412,644 shares of the company's stock, valued at approximately $7,242,000. Empowered Funds LLC owned approximately 0.16% of Gates Industrial as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GTES. Headlands Technologies LLC raised its stake in shares of Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock worth $27,000 after purchasing an additional 1,320 shares during the period. Venturi Wealth Management LLC raised its position in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock worth $54,000 after acquiring an additional 814 shares during the period. Capital Performance Advisors LLP bought a new stake in Gates Industrial in the third quarter worth about $67,000. GAMMA Investing LLC boosted its stake in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock valued at $68,000 after acquiring an additional 2,998 shares during the last quarter. Finally, Covestor Ltd grew its position in shares of Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company's stock valued at $84,000 after acquiring an additional 1,001 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.
Insiders Place Their Bets
In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the stock in a transaction on Wednesday, August 21st. The shares were purchased 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 in the company, valued at approximately $100,800. The trade was a -200.81 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.30% of the company's stock.
Analyst Ratings Changes
Several equities analysts recently commented on the company. Robert W. Baird dropped their price objective on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a research note on Thursday, August 1st. Morgan Stanley began coverage on Gates Industrial in a research report on Friday, September 6th. They set an "equal weight" rating and a $19.00 price target on the stock. KeyCorp lifted their price objective on Gates Industrial from $21.00 to $22.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Barclays increased their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $20.30.
View Our Latest Research Report on GTES
Gates Industrial Price Performance
Shares of GTES traded up $0.04 during midday trading on Friday, hitting $20.78. 3,131,160 shares of the company traded hands, compared to its average volume of 3,986,004. Gates Industrial Corp PLC has a one year low of $11.22 and a one year high of $21.54. The firm has a market cap of $5.29 billion, a P/E ratio of 25.04 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The stock has a 50-day moving average of $18.40 and a 200-day moving average of $17.38.
Gates Industrial announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.
About Gates Industrial
(
Free Report)
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.
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