Point72 Asset Management L.P. Increases Stake in Gates Industrial Corp PLC (NYSE:GTES)

Point72 Asset Management L.P. boosted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 27.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,463,669 shares of the company's stock after purchasing an additional 317,077 shares during the period. Point72 Asset Management L.P. owned about 0.56% of Gates Industrial worth $23,141,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew 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 worth $318,935,000 after purchasing an additional 2,678,954 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Gates Industrial by 19.9% during 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 buying an additional 2,450,526 shares in the last quarter. Norges Bank bought a new stake in shares of Gates Industrial during the fourth quarter valued at approximately $23,054,000. Fiduciary Management Inc. WI lifted its holdings in shares of Gates Industrial by 31.6% in the fourth 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 bought a new position in shares of Gates Industrial during the first quarter worth $28,390,000. Institutional investors own 98.50% of the company's stock.

Insiders Place Their Bets

In related news, Director Wilson S. Neely purchased 11,952 shares of the business's stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the acquisition, the director now owns 6,000 shares of the company's stock, valued at approximately $100,800. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by company insiders.

Gates Industrial Stock Up 0.8 %

Shares of GTES traded up $0.15 during midday trading on Friday, reaching $17.84. 2,170,082 shares of the stock were exchanged, compared to its average volume of 3,084,190. 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 company's 50 day moving average is $17.29 and its two-hundred day moving average is $17.02. The company has a market capitalization of $4.66 billion, a P/E ratio of 19.62 and a beta of 1.41. 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 posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. The business had revenue of $885.50 million during the quarter, compared to analyst estimates of $893.00 million. On average, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.24 earnings per share for the current year.

Gates Industrial declared that its board has initiated a stock repurchase plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GTES. Robert W. Baird reduced their price target on shares of Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a report on Thursday, August 1st. Barclays cut their price objective on shares of Gates Industrial from $17.00 to $16.00 and set an "equal weight" rating on the stock in a research report on Tuesday, June 4th. The Goldman Sachs Group raised their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Finally, Morgan Stanley assumed coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Gates Industrial currently has a consensus rating of "Moderate Buy" and an average price target of $19.40.

Gates Industrial 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.