Brandes Investment Partners LP Has $32.48 Million Stake in Gates Industrial Corp PLC (NYSE:GTES)

Brandes Investment Partners LP raised its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 19.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,054,854 shares of the company's stock after purchasing an additional 333,894 shares during the quarter. Brandes Investment Partners LP owned 0.79% of Gates Industrial worth $32,482,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GTES. Vanguard Group Inc. grew its holdings in Gates Industrial by 17.5% during the 1st 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 boosted its stake 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 worth $261,235,000 after purchasing an additional 2,450,526 shares in the last quarter. Norges Bank acquired a new stake in Gates Industrial during the 4th quarter worth about $23,054,000. Fiduciary Management Inc. WI raised its position 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 buying an additional 1,689,991 shares during the last quarter. Finally, Fred Alger Management LLC boosted its stake in shares of Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock worth $42,144,000 after buying an additional 1,627,482 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Stock Down 1.6 %

Shares of GTES traded down $0.29 during mid-day trading on Monday, reaching $17.55. 2,545,972 shares of the stock traded hands, compared to its average volume of 3,081,427. Gates Industrial Corp PLC has a 12-month low of $10.68 and a 12-month high of $19.07. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of 19.29 and a beta of 1.41. The stock has a fifty day simple moving average of $17.30 and a 200 day simple moving average of $17.03.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $893.00 million. Sell-side analysts expect that Gates Industrial Corp PLC will post 1.24 EPS for the current fiscal year.

Gates Industrial announced that its board has initiated a stock buyback program on Wednesday, July 31st that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction on Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the transaction, the director now owns 6,000 shares of the company's stock, valued at approximately $100,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GTES. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Barclays reduced their price target 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. Robert W. Baird cut their target price 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. The Goldman Sachs Group increased their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, August 1st. Finally, 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 research report on Monday, August 19th. Four 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, the company has an average rating of "Moderate Buy" and a consensus price target 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.