Impax Asset Management Group plc Sells 195,000 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Impax Asset Management Group plc reduced its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 38.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 approximately 0.12% of Gates Industrial worth $5,576,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Swiss National Bank lifted its stake in Gates Industrial by 18.4% during the 1st quarter. Swiss National Bank now owns 339,000 shares of the company's stock valued at $6,004,000 after acquiring an additional 52,800 shares in the last quarter. Park Avenue Securities LLC increased its position in shares of Gates Industrial by 172.6% during the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company's stock valued at $1,043,000 after purchasing an additional 41,762 shares during the last quarter. First Hawaiian Bank purchased a new stake in shares of Gates Industrial during the 2nd quarter valued at $520,000. Jennison Associates LLC purchased a new stake in shares of Gates Industrial during the 1st quarter valued at $15,791,000. Finally, GAMMA Investing LLC increased its position in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock valued at $68,000 after purchasing an additional 2,998 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GTES. The Goldman Sachs Group lifted their price objective on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Morgan Stanley began coverage on Gates Industrial in a report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 price objective for the company. 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 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. Finally, Barclays lifted their price objective on Gates Industrial from $16.00 to $21.00 and gave the stock an "equal weight" rating in a report on Tuesday. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.30.

Insider Activity

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the company's stock in a transaction dated Wednesday, August 21st. The stock was purchased at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the transaction, the director now owns 6,000 shares in the company, valued at $100,800. The trade was a -200.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company's stock.

Gates Industrial Price Performance

Shares of GTES traded up $1.11 during trading hours on Wednesday, reaching $21.35. 5,582,053 shares of the company's stock traded hands, compared to its average volume of 3,085,139. The stock has a market cap of $5.44 billion, a PE ratio of 24.36 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm's 50 day simple moving average is $17.82 and its 200-day simple moving average is $17.18. Gates Industrial Corp PLC has a 12 month low of $11.11 and a 12 month high of $21.52.

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

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.