Sanctuary Advisors LLC Purchases Shares of 35,637 Gates Industrial Corp PLC (NYSE:GTES)

Sanctuary Advisors LLC purchased a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 35,637 shares of the company's stock, valued at approximately $563,000.

Other large investors have also added to or reduced their stakes in the company. Swiss National Bank grew its stake in 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 lifted its holdings in shares of 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 acquired a new position in shares of Gates Industrial in the 2nd quarter valued at about $520,000. Jennison Associates LLC acquired a new position in shares of Gates Industrial in the 1st quarter valued at about $15,791,000. Finally, Acadian Asset Management LLC lifted its holdings 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 buying an additional 29,394 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GTES shares. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $20.00 to $22.00 in a report on Monday, August 19th. 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 report on Monday, August 19th. Morgan Stanley initiated coverage on Gates Industrial in a report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 price target for the company. The Goldman Sachs Group upped their price target on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Finally, Robert W. Baird reduced their price target on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. 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 stock presently has an average rating of "Moderate Buy" and an average target price of $19.40.

Gates Industrial Price Performance

Shares of Gates Industrial stock traded up $0.62 during mid-day trading on Wednesday, reaching $18.20. 2,221,533 shares of the stock traded hands, compared to its average volume of 2,987,756. The business has a 50-day moving average of $17.32 and a 200 day moving average of $17.03. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $19.07. The stock has a market capitalization of $4.76 billion, a PE ratio of 19.99 and a beta of 1.40. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68.

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

Gates Industrial declared that its board has approved a stock repurchase program on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was bought 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 owns 6,000 shares of the company's stock, valued at approximately $100,800. The trade was a -200.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.30% of the company's stock.

About Gates Industrial

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.