New York State Teachers Retirement System raised its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 463.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,223 shares of the company's stock after buying an additional 78,310 shares during the quarter. New York State Teachers Retirement System's holdings in Gates Industrial were worth $1,671,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Headlands Technologies LLC grew its holdings 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 valued at $27,000 after purchasing an additional 1,320 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock worth $68,000 after buying an additional 2,998 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of Gates Industrial in the 2nd quarter worth $142,000. Levin Capital Strategies L.P. bought a new stake in shares of Gates Industrial in the 2nd quarter worth about $158,000. Finally, MQS Management LLC purchased a new stake in shares of Gates Industrial during the 2nd quarter valued at about $168,000. Institutional investors own 98.50% of the company's stock.
Insider Transactions at Gates Industrial
In other news, Director Wilson S. Neely purchased 11,952 shares of the stock in a transaction that occurred on 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 completion of the acquisition, the director now owns 6,000 shares of the company's stock, valued at approximately $100,800. This trade represents a -200.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 2.30% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on GTES. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Robert W. Baird decreased their price target on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a report on Thursday, August 1st. Morgan Stanley assumed coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an "equal weight" rating and a $19.00 price objective for the company. Barclays increased their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a research note on Tuesday. Finally, Evercore ISI lifted their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research note on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.30.
View Our Latest Report on Gates Industrial
Gates Industrial Price Performance
GTES remained flat at $21.27 on Friday. 2,486,395 shares of the company were exchanged, compared to its average volume of 3,720,093. The firm has a market capitalization of $5.42 billion, a P/E ratio of 25.63 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. Gates Industrial Corp PLC has a one year low of $11.14 and a one year high of $21.54. The firm has a 50 day moving average price of $18.02 and a two-hundred day moving average price of $17.26.
Gates Industrial announced that its board has authorized a stock repurchase plan on Wednesday, July 31st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.
Gates Industrial Profile
(
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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