De Lisle Partners LLP Boosts Stake in Gates Industrial Corp PLC (NYSE:GTES)

De Lisle Partners LLP grew its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 32.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 106,388 shares of the company's stock after purchasing an additional 26,000 shares during the period. De Lisle Partners LLP's holdings in Gates Industrial were worth $1,867,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of GTES. Headlands Technologies LLC raised its position in Gates Industrial by 341.1% in 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 boosted its position in shares of Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock valued at $54,000 after buying an additional 814 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Gates Industrial during the third quarter valued at approximately $67,000. GAMMA Investing LLC raised its holdings in shares of Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock worth $68,000 after buying an additional 2,998 shares during the period. Finally, Covestor Ltd lifted its stake in shares of Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company's stock worth $84,000 after acquiring an additional 1,001 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Performance

GTES stock traded down $0.09 during midday trading on Thursday, reaching $22.12. The stock had a trading volume of 2,056,902 shares, compared to its average volume of 3,069,840. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The firm has a fifty day simple moving average of $19.16 and a two-hundred day simple moving average of $17.66. The stock has a market cap of $5.63 billion, a PE ratio of 26.65 and a beta of 1.38. Gates Industrial Corp PLC has a 52-week low of $11.22 and a 52-week high of $22.43.

Gates Industrial declared that its Board of Directors 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 buy up to 5.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GTES. Morgan Stanley started coverage on Gates Industrial in a research note on Friday, September 6th. They issued an "equal weight" rating and a $19.00 target price on the stock. KeyCorp increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday, November 21st. The Goldman Sachs Group upped their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Evercore ISI increased their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research report on Monday, August 19th. Finally, Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.40.

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.