Dimensional Fund Advisors LP Boosts Stake in Gates Industrial Corp PLC (NYSE:GTES)

Dimensional Fund Advisors LP increased its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 9.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,921,356 shares of the company's stock after buying an additional 1,037,741 shares during the period. Dimensional Fund Advisors LP owned 4.56% of Gates Industrial worth $188,477,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GTES. Charles Schwab Investment Management Inc. lifted its holdings in shares of Gates Industrial by 11.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,500,391 shares of the company's stock worth $20,135,000 after buying an additional 154,770 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Gates Industrial in the 4th quarter valued at about $147,000. Janney Montgomery Scott LLC purchased a new stake in shares of Gates Industrial in the 4th quarter worth approximately $492,000. Great Lakes Advisors LLC bought a new position in shares of Gates Industrial during the fourth quarter valued at approximately $221,000. Finally, Norges Bank purchased a new position in Gates Industrial during the fourth quarter valued at approximately $23,054,000. Institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Performance

Gates Industrial stock traded down $0.41 during trading hours on Friday, hitting $17.72. 6,120,338 shares of the stock traded hands, compared to its average volume of 3,118,717. The firm's 50 day moving average price is $17.21 and its 200-day moving average price is $16.94. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20. The stock has a market capitalization of $4.63 billion, a price-to-earnings ratio of 19.63 and a beta of 1.41. Gates Industrial Corp PLC has a 1 year low of $10.68 and a 1 year high of $19.07.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. The business had revenue of $885.50 million during the quarter, compared to analysts' expectations of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. As a group, equities analysts expect that Gates Industrial Corp PLC will post 1.24 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GTES shares. Robert W. Baird cut their target price on 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 lifted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research 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 research report on Thursday, August 1st. Morgan Stanley began coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 price target on the stock. Finally, Royal Bank of Canada upgraded Gates Industrial from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $20.00 to $22.00 in a report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Gates Industrial has an average rating of "Moderate Buy" and an average price target of $19.40.

Insiders Place Their Bets

In other news, Director Wilson S. Neely purchased 11,952 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the transaction, the director now owns 6,000 shares in the company, valued at $100,800. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company's stock.

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.