Dark Forest Capital Management LP Has $1.89 Million Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Dark Forest Capital Management LP lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 286.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 119,797 shares of the company's stock after purchasing an additional 88,770 shares during the quarter. Dark Forest Capital Management LP's holdings in Gates Industrial were worth $1,894,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in GTES. Vanguard Group Inc. lifted its stake in Gates Industrial by 17.5% in the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company's stock valued at $318,935,000 after buying an additional 2,678,954 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Gates Industrial by 19.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company's stock valued at $261,235,000 after acquiring an additional 2,450,526 shares in the last quarter. Norges Bank acquired a new position in Gates Industrial in the 4th quarter worth $23,054,000. Fiduciary Management Inc. WI increased its holdings in Gates Industrial by 31.6% during the 4th quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company's stock worth $94,369,000 after purchasing an additional 1,689,991 shares in the last quarter. Finally, Fred Alger Management LLC raised its stake in shares of Gates Industrial by 156.8% in the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock valued at $42,144,000 after purchasing an additional 1,627,482 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Barclays reduced their price objective on Gates Industrial from $17.00 to $16.00 and set an "equal weight" rating for the company in a research report on Tuesday, June 4th. Evercore ISI raised 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. Royal Bank of Canada raised shares of 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 report on Monday, August 19th. The Goldman Sachs Group raised 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. Finally, Robert W. Baird lowered their price target on shares of Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a research note on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.40.

Insider Buying and Selling

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

Gates Industrial Stock Performance

GTES traded up $0.40 during trading on Thursday, hitting $17.68. The stock had a trading volume of 1,024,704 shares, compared to its average volume of 3,084,701. 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 firm has a market cap of $4.63 billion, a price-to-earnings ratio of 19.24 and a beta of 1.41. The company has a 50 day moving average price of $17.28 and a 200-day moving average price of $17.02. Gates Industrial Corp PLC has a one year low of $10.68 and a one year high of $19.07.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly 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 during 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 predict that Gates Industrial Corp PLC will post 1.24 EPS for the current year.

Gates Industrial announced that its board has authorized a stock repurchase program on Wednesday, July 31st that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.

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.