Truist Financial Corp Raises Position in Gates Industrial Corp PLC (NYSE:GTES)

Truist Financial Corp boosted its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 29.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 311,124 shares of the company's stock after purchasing an additional 71,252 shares during the quarter. Truist Financial Corp owned about 0.12% of Gates Industrial worth $4,919,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Swiss National Bank increased its position in shares of Gates Industrial by 18.4% during the 1st quarter. Swiss National Bank now owns 339,000 shares of the company's stock valued at $6,004,000 after purchasing an additional 52,800 shares during the last quarter. Park Avenue Securities LLC grew its position in Gates Industrial by 172.6% during the second quarter. Park Avenue Securities LLC now owns 65,962 shares of the company's stock valued at $1,043,000 after acquiring an additional 41,762 shares during the last quarter. First Hawaiian Bank purchased a new position in shares of Gates Industrial during the second quarter worth approximately $520,000. Jennison Associates LLC bought a new stake in shares of Gates Industrial in the 1st quarter worth approximately $15,791,000. Finally, Acadian Asset Management LLC boosted its stake in shares of Gates Industrial by 799.6% in the 1st quarter. Acadian Asset Management LLC now owns 33,070 shares of the company's stock valued at $585,000 after purchasing an additional 29,394 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Wilson S. Neely bought 11,952 shares of Gates Industrial stock in a transaction on Wednesday, August 21st. The shares were purchased at an average price 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 trade was a -200.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.30% of the stock is currently owned by company insiders.

Gates Industrial Trading Down 1.0 %

GTES stock traded down $0.17 on Tuesday, reaching $17.30. The company's stock had a trading volume of 1,255,533 shares, compared to its average volume of 3,029,477. The firm has a market cap of $4.52 billion, a PE ratio of 19.08 and a beta of 1.40. The business has a fifty day simple moving average of $17.29 and a two-hundred day simple moving average of $17.03. Gates Industrial Corp PLC has a 12-month low of $10.68 and a 12-month high of $19.07. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. The business had revenue of $885.50 million during the quarter, compared to analyst estimates of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. As a group, research analysts forecast that Gates Industrial Corp PLC will post 1.24 EPS for the current year.

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

Wall Street Analysts Forecast Growth

GTES has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, August 1st. Royal Bank of Canada upgraded Gates Industrial from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. Robert W. Baird decreased their price target on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a research note on Thursday, August 1st. Evercore ISI boosted their price objective on Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research report on Monday, August 19th. Finally, Morgan Stanley assumed coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 target price on the stock. Four research analysts have rated the stock with a hold rating and six have assigned 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.