Gates Industrial Corp PLC (NYSE:GTES) Holdings Raised by Handelsbanken Fonder AB

Handelsbanken Fonder AB increased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 5.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,242,600 shares of the company's stock after purchasing an additional 69,200 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.48% of Gates Industrial worth $21,808,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Swiss National Bank grew its holdings in Gates Industrial by 18.4% in the 1st quarter. Swiss National Bank now owns 339,000 shares of the company's stock valued at $6,004,000 after buying an additional 52,800 shares during the period. Park Avenue Securities LLC grew its holdings in Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company's stock valued at $1,043,000 after buying an additional 41,762 shares during the period. First Hawaiian Bank purchased a new stake in Gates Industrial in the 2nd quarter valued at about $520,000. Jennison Associates LLC purchased a new stake in Gates Industrial in the 1st quarter valued at about $15,791,000. Finally, Acadian Asset Management LLC grew its holdings in shares of Gates Industrial by 799.6% during the 1st quarter. Acadian Asset Management LLC now owns 33,070 shares of the company's stock worth $585,000 after purchasing an additional 29,394 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely bought 11,952 shares of the business's stock in a transaction 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 transaction, the director now directly owns 6,000 shares in the company, valued at approximately $100,800. This trade represents a -200.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is currently owned by corporate insiders.

Gates Industrial Stock Down 0.3 %

Gates Industrial stock traded down $0.05 during midday trading on Monday, hitting $17.47. 1,311,832 shares of the company were exchanged, compared to its average volume of 3,038,668. The company's fifty day moving average price is $17.29 and its 200-day moving average price is $17.03. The company has a market cap of $4.57 billion, a PE ratio of 19.23 and a beta of 1.40. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $19.07.

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

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on GTES. Evercore ISI boosted their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a report on Monday, August 19th. Robert W. Baird decreased their target price on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. Royal Bank of Canada upgraded Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group boosted their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Finally, Morgan Stanley began coverage on Gates Industrial in a report on Friday, September 6th. They set an "equal weight" rating and a $19.00 target price for the company. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Gates Industrial presently has a consensus rating of "Moderate Buy" and a consensus target price 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.