Gates Industrial Corp PLC (NYSE:GTES) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 27.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 677,700 shares of the company's stock after buying an additional 146,500 shares during the quarter. Renaissance Technologies LLC owned about 0.26% of Gates Industrial worth $10,714,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Gates Industrial by 17.5% during the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company's stock valued at $318,935,000 after acquiring an additional 2,678,954 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Gates Industrial by 19.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company's stock worth $261,235,000 after purchasing an additional 2,450,526 shares during the last quarter. Norges Bank bought a new position in shares of Gates Industrial during the fourth quarter valued at $23,054,000. Fiduciary Management Inc. WI increased its holdings in Gates Industrial by 31.6% in the 4th quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company's stock worth $94,369,000 after buying an additional 1,689,991 shares in the last quarter. Finally, Confluence Investment Management LLC purchased a new position in Gates Industrial in the first quarter worth about $28,390,000. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Down 1.0 %

Shares of NYSE:GTES traded down $0.18 during trading hours on Tuesday, hitting $17.58. The company's stock had a trading volume of 1,437,005 shares, compared to its average volume of 3,100,576. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of 19.48 and a beta of 1.41. The firm's fifty day moving average price is $17.27 and its 200 day moving average price is $17.00. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20. Gates Industrial Corp PLC has a 52 week low of $10.68 and a 52 week high of $19.07.

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

Gates Industrial declared that its Board of Directors has authorized a stock buyback program on Wednesday, July 31st that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Gates Industrial

In other news, Director Wilson S. Neely purchased 11,952 shares of the firm's stock in a transaction on Wednesday, August 21st. The stock was acquired at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the transaction, the director now owns 6,000 shares in the company, valued at approximately $100,800. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on GTES shares. Royal Bank of Canada upgraded Gates Industrial from a "sector perform" rating to an "outperform" rating and raised their price target for the company from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group increased their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, August 1st. 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. Barclays dropped their price objective on shares of Gates Industrial from $17.00 to $16.00 and set an "equal weight" rating for the company in a research note on Tuesday, June 4th. Finally, Morgan Stanley started coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 target price for the company. Four equities 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, the company currently has an average rating of "Moderate Buy" and a consensus target price of $19.40.

Gates Industrial Company 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.