Rep. Josh Gottheimer Buys Gates Industrial Corp PLC (NYSE:GTES) Shares

Representative Josh Gottheimer (D-New Jersey) recently bought shares of Gates Industrial Corp PLC NYSE: GTES. In a filing disclosed on November 06th, the Representative disclosed that they had bought between $1,001 and $15,000 in Gates Industrial stock on October 31st. The trade occurred in the Representative's "MORGAN STANLEY - SELECT UMA ACCOUNT # 1" account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 - $15,000 in shares of Texas Capital Bancshares NASDAQ: TCBI on 10/31/2024.
• Sold $1,001 - $15,000 in shares of ITT NYSE: ITT on 10/31/2024.
• Sold $1,001 - $15,000 in shares of Stifel Financial NYSE: SF on 10/31/2024.
• Sold $1,001 - $15,000 in shares of ICU Medical NASDAQ: ICUI on 10/31/2024.
• Sold $1,001 - $15,000 in shares of AppFolio NASDAQ: APPF on 10/31/2024.
• Purchased $1,001 - $15,000 in shares of Techtronic Industries OTCMKTS: TTNDY on 10/29/2024.
• Purchased $1,001 - $15,000 in shares of Techtronic Industries OTCMKTS: TTNDY on 10/28/2024.
• Purchased $1,001 - $15,000 in shares of Disco OTCMKTS: DSCSY on 10/28/2024.
• Purchased $1,001 - $15,000 in shares of Enerpac Tool Group NYSE: EPAC on 10/25/2024.
• Purchased $1,001 - $15,000 in shares of Disco OTCMKTS: DSCSY on 10/25/2024.

Gates Industrial Price Performance

GTES remained flat at $21.27 during trading on Friday. 2,387,203 shares of the company's stock traded hands, compared to its average volume of 3,080,330. Gates Industrial Corp PLC has a 1-year low of $11.14 and a 1-year high of $21.54. The firm has a market cap of $5.42 billion, a P/E ratio of 25.61 and a beta of 1.38. 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 business's fifty day moving average is $17.96 and its 200 day moving average is $17.24.

Gates Industrial declared that its Board of Directors has approved a stock 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 usually an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Wilson S. Neely purchased 11,952 shares of the business's stock in a transaction on Wednesday, August 21st. The shares were acquired at an average price of $16.80 per share, with a total value of $200,793.60. Following the completion of the transaction, the director now owns 6,000 shares of the company's stock, valued at $100,800. The trade was a -200.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GTES has been the subject of several research analyst reports. Morgan Stanley initiated coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an "equal weight" rating and a $19.00 price objective for the company. Royal Bank of Canada upgraded shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Barclays boosted their price objective on shares of Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a research report on Tuesday. KeyCorp boosted their price objective on shares of Gates Industrial from $21.00 to $22.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Finally, Robert W. Baird lowered their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company 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 company. According to MarketBeat.com, Gates Industrial has an average rating of "Moderate Buy" and an average target price of $20.30.

Institutional Trading of Gates Industrial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC grew its stake in shares of Gates Industrial by 341.1% in the second 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 last quarter. Venturi Wealth Management LLC grew its stake in shares of 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 purchasing an additional 814 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Gates Industrial in the third quarter worth $67,000. GAMMA Investing LLC grew its stake 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 purchasing an additional 2,998 shares during the last quarter. Finally, Covestor Ltd grew its stake in shares of Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company's stock worth $84,000 after purchasing an additional 1,001 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey's 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey's 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer's career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer's committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

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.