Seven Eight Capital LP Makes New $962,000 Investment in Gates Industrial Corp PLC (NYSE:GTES)

Seven Eight Capital LP bought a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 60,842 shares of the company's stock, valued at approximately $962,000.

Other institutional investors also recently bought and sold shares of the company. Headlands Technologies LLC grew its stake in Gates Industrial by 341.1% in the 2nd 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. TFO Wealth Partners LLC raised its position in shares of Gates Industrial by 68,390.0% during the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company's stock worth $92,000 after purchasing an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. grew its holdings in Gates Industrial by 26.4% during the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company's stock valued at $106,000 after buying an additional 1,654 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in Gates Industrial during the fourth quarter worth $147,000. Finally, Levin Capital Strategies L.P. acquired a new position in shares of Gates Industrial in the second quarter worth $158,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Gates Industrial

In related news, Director Wilson S. Neely purchased 11,952 shares of the business's stock in a transaction that occurred on Wednesday, August 21st. The shares were purchased at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the acquisition, the director now directly owns 6,000 shares of the company's stock, valued at approximately $100,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on GTES shares. Robert W. Baird dropped their price objective 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. Evercore ISI lifted their target price 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. Morgan Stanley began coverage on Gates Industrial in a research note on Friday, September 6th. They set an "equal weight" rating and a $19.00 price target on the stock. The Goldman Sachs Group lifted their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $19.40.

Gates Industrial Stock Down 2.3 %

NYSE:GTES traded down $0.41 during mid-day trading on Friday, hitting $17.72. The company had a trading volume of 6,163,515 shares, compared to its average volume of 3,118,955. Gates Industrial Corp PLC has a 1 year low of $10.68 and a 1 year high of $19.07. The business has a fifty day simple moving average of $17.24 and a 200-day simple moving average of $16.96. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of 19.47 and a beta of 1.41.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The firm had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. Equities analysts forecast that Gates Industrial Corp PLC will post 1.24 earnings per share for the current fiscal year.

Gates Industrial announced that its Board of Directors has authorized a stock buyback 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

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.