Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by Fred Alger Management LLC

Fred Alger Management LLC boosted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 156.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,665,632 shares of the company's stock after purchasing an additional 1,627,482 shares during the period. Fred Alger Management LLC owned about 1.02% of Gates Industrial worth $42,144,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Swiss National Bank lifted its position in shares of Gates Industrial by 18.4% in the first quarter. Swiss National Bank now owns 339,000 shares of the company's stock valued at $6,004,000 after acquiring an additional 52,800 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Gates Industrial by 172.6% in the second quarter. Park Avenue Securities LLC now owns 65,962 shares of the company's stock valued at $1,043,000 after acquiring an additional 41,762 shares in the last quarter. First Hawaiian Bank purchased a new position in shares of Gates Industrial in the second quarter valued at about $520,000. Jennison Associates LLC purchased a new position in shares of Gates Industrial in the first quarter valued at about $15,791,000. Finally, Acadian Asset Management LLC lifted its position in shares of Gates Industrial by 799.6% in the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company's stock valued at $585,000 after acquiring an additional 29,394 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Trading Down 1.8 %

NYSE GTES traded down $0.32 during trading hours on Wednesday, hitting $17.28. 1,496,121 shares of the company were exchanged, compared to its average volume of 3,096,024. The stock has a 50-day moving average price of $17.28 and a 200 day moving average price of $17.01. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68. Gates Industrial Corp PLC has a 52 week low of $10.68 and a 52 week high of $19.07. The stock has a market cap of $4.52 billion, a PE ratio of 19.14 and a beta of 1.41.

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. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The business had revenue of $885.50 million during the quarter, compared to analyst estimates of $893.00 million. 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 has authorized a share 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 usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently commented on GTES shares. Robert W. Baird lowered their price objective on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a research report on Thursday, August 1st. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Evercore ISI lifted their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a report on Monday, August 19th. The Goldman Sachs Group lifted their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Finally, Barclays reduced their target price on Gates Industrial from $17.00 to $16.00 and set an "equal weight" rating on the stock in a report on Tuesday, June 4th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Gates Industrial has an average rating of "Moderate Buy" and an average target price of $19.40.

Insider Activity 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 $100,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by company insiders.

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.