Cubist Systematic Strategies LLC Lowers Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Cubist Systematic Strategies LLC cut its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 73.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 206,934 shares of the company's stock after selling 577,845 shares during the period. Cubist Systematic Strategies LLC owned about 0.08% of Gates Industrial worth $3,272,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Headlands Technologies LLC grew its position in shares of Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock worth $27,000 after acquiring an additional 1,320 shares during the last quarter. TFO Wealth Partners LLC grew its position in 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. Point72 DIFC Ltd acquired a new position in Gates Industrial in the second quarter valued at $142,000. Levin Capital Strategies L.P. purchased a new stake in shares of Gates Industrial in the second quarter valued at about $158,000. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of Gates Industrial during the fourth quarter worth about $164,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Price Performance

Gates Industrial stock traded up $0.15 during mid-day trading on Friday, reaching $17.84. The company had a trading volume of 2,184,392 shares, compared to its average volume of 3,084,190. The stock's 50-day simple moving average is $17.30 and its 200-day simple moving average is $17.03. Gates Industrial Corp PLC has a 1 year low of $10.68 and a 1 year high of $19.07. 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 company has a market capitalization of $4.66 billion, a P/E ratio of 19.60 and a beta of 1.41.

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

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

Analysts Set New Price Targets

GTES has been the subject of several analyst reports. 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 note on Tuesday, June 4th. Morgan Stanley began 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. Evercore ISI upped their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research report on Monday, August 19th. Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. Finally, The Goldman Sachs Group increased their price target 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. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Gates Industrial has a consensus rating of "Moderate Buy" and a consensus target price of $19.40.

Insider Buying and Selling

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the 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 completion of the transaction, the director now directly owns 6,000 shares of the company's stock, valued at $100,800. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.30% of the company's stock.

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.