New York State Common Retirement Fund grew its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 606.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 948,825 shares of the company's stock after acquiring an additional 814,510 shares during the period. New York State Common Retirement Fund owned 0.36% of Gates Industrial worth $16,652,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Bank of Montreal Can raised its holdings in Gates Industrial by 2.5% during the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company's stock worth $535,000 after purchasing an additional 823 shares during the last quarter. Tectonic Advisors LLC lifted its holdings in Gates Industrial by 5.5% in the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company's stock valued at $353,000 after buying an additional 1,043 shares during the period. Principal Financial Group Inc. boosted its stake in Gates Industrial by 8.9% in the second quarter. Principal Financial Group Inc. now owns 15,242 shares of the company's stock valued at $241,000 after acquiring an additional 1,250 shares during the last quarter. Headlands Technologies LLC boosted its stake in Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock valued at $27,000 after acquiring an additional 1,320 shares during the last quarter. Finally, Integrated Advisors Network LLC grew its holdings in Gates Industrial by 5.0% during the 3rd quarter. Integrated Advisors Network LLC now owns 29,952 shares of the company's stock worth $526,000 after acquiring an additional 1,436 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, Director Wilson S. Neely acquired 11,952 shares of the business's stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now owns 6,000 shares in the company, valued at $100,800. This represents a -200.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.
Analyst Ratings Changes
A number of equities research analysts recently commented on GTES shares. 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 research note on Thursday, August 1st. Barclays upped their price target on Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a research note on Tuesday. Robert W. Baird reduced their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a research note on Thursday, August 1st. Evercore ISI upped 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 note on Monday, August 19th. Finally, KeyCorp increased their target price on shares of Gates Industrial from $21.00 to $22.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $20.30.
Read Our Latest Stock Report on GTES
Gates Industrial Stock Up 5.5 %
Shares of Gates Industrial stock traded up $1.11 during trading on Wednesday, reaching $21.35. The stock had a trading volume of 5,582,053 shares, compared to its average volume of 3,085,139. 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 company has a market capitalization of $5.44 billion, a price-to-earnings ratio of 24.36 and a beta of 1.38. Gates Industrial Corp PLC has a 52 week low of $11.11 and a 52 week high of $21.52. The stock has a fifty day moving average price of $17.82 and a two-hundred day moving average price of $17.18.
Gates Industrial declared that its Board of Directors has approved a stock buyback program on Wednesday, July 31st that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management 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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