Kestra Investment Management LLC Acquires Shares of 30,012 Gates Industrial Corp PLC (NYSE:GTES)

Kestra Investment Management LLC acquired a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 30,012 shares of the company's stock, valued at approximately $474,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Headlands Technologies LLC lifted its holdings 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 valued at $27,000 after purchasing an additional 1,320 shares in the last quarter. TFO Wealth Partners LLC lifted its stake 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 valued at $92,000 after acquiring an additional 6,839 shares during the period. Point72 DIFC Ltd purchased a new stake in shares of Gates Industrial during the 2nd quarter valued at about $142,000. Levin Capital Strategies L.P. bought a new stake in shares of Gates Industrial in the second quarter worth approximately $158,000. Finally, MQS Management LLC purchased a new position in shares of Gates Industrial during the second quarter valued at approximately $168,000. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on GTES shares. Barclays dropped their target price on shares of Gates Industrial from $17.00 to $16.00 and set an "equal weight" rating on the stock in a report on Tuesday, June 4th. The Goldman Sachs Group lifted their price objective on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Robert W. Baird lowered their target price on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a report on Thursday, August 1st. Evercore ISI raised 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. Finally, Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Four equities 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, the company currently has an average rating of "Moderate Buy" and an average price target 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 that occurred on Wednesday, August 21st. The shares were bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now owns 6,000 shares in the company, valued at $100,800. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by company insiders.

Gates Industrial Stock Performance

NYSE GTES traded down $0.14 on Tuesday, reaching $17.41. 1,637,573 shares of the stock were exchanged, compared to its average volume of 3,073,788. The firm has a market capitalization of $4.55 billion, a PE ratio of 19.13 and a beta of 1.41. Gates Industrial Corp PLC has a one year low of $10.68 and a one year high of $19.07. The company's 50-day simple moving average is $17.30 and its two-hundred day simple moving average is $17.03. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68.

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

Gates Industrial declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.