Impax Asset Management Group plc Decreases Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Impax Asset Management Group plc decreased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 38.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 317,713 shares of the company's stock after selling 195,000 shares during the period. Impax Asset Management Group plc owned 0.12% of Gates Industrial worth $5,576,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in GTES. Swiss National Bank increased its stake in Gates Industrial by 18.4% in the first quarter. Swiss National Bank now owns 339,000 shares of the company's stock valued at $6,004,000 after purchasing an additional 52,800 shares in the last quarter. Park Avenue Securities LLC raised its stake in Gates Industrial by 172.6% during the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company's stock worth $1,043,000 after buying an additional 41,762 shares during the period. First Hawaiian Bank acquired a new position in Gates Industrial during the 2nd quarter worth approximately $520,000. GAMMA Investing LLC boosted its holdings in 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 acquiring an additional 2,998 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in Gates Industrial by 799.6% in the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company's stock valued at $585,000 after acquiring an additional 29,394 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Price Performance

NYSE GTES traded up $0.04 during trading on Friday, reaching $20.78. The company's stock had a trading volume of 3,131,160 shares, compared to its average volume of 3,073,850. The firm has a fifty day moving average of $18.40 and a 200 day moving average of $17.38. Gates Industrial Corp PLC has a one year low of $11.22 and a one year high of $21.54. The stock has a market capitalization of $5.29 billion, a PE 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.

Gates Industrial declared that its board has initiated a stock repurchase program on Wednesday, July 31st that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction on Wednesday, August 21st. The shares were acquired at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the transaction, the director now directly owns 6,000 shares of the company's stock, valued at approximately $100,800. The trade was a -200.81 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 2.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

GTES has been the topic of a number of recent research reports. Evercore ISI raised their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research note on Monday, August 19th. Robert W. Baird lowered their price target on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a research report on Thursday, August 1st. Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, August 1st. Finally, Morgan Stanley initiated coverage on shares of Gates Industrial in a report on Friday, September 6th. They set an "equal weight" rating and a $19.00 price target on the stock. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.30.

Gates Industrial Profile

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.