SG Americas Securities LLC Lowers Position in Gates Industrial Corp PLC (NYSE:GTES)

SG Americas Securities LLC lowered its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 63.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,082 shares of the company's stock after selling 42,337 shares during the period. SG Americas Securities LLC's holdings in Gates Industrial were worth $423,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GTES. Vanguard Group Inc. grew its stake in Gates Industrial by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company's stock valued at $205,726,000 after purchasing an additional 1,519,041 shares during the last quarter. HighPoint Advisor Group LLC acquired a new stake in Gates Industrial in the fourth quarter worth about $164,000. Hennion & Walsh Asset Management Inc. boosted its holdings in Gates Industrial by 45.9% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 27,614 shares of the company's stock worth $489,000 after acquiring an additional 8,693 shares in the last quarter. Oak Thistle LLC acquired a new stake in shares of Gates Industrial during the first quarter worth about $414,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Gates Industrial by 19.9% during the first 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 during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Insider Activity

In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of the business's stock in a transaction dated Wednesday, August 21st. The stock was acquired 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 directly owns 6,000 shares of the company's stock, valued at $100,800. This represents a -200.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.30% of the company's stock.

Gates Industrial Stock Performance

NYSE:GTES traded up $0.31 during trading hours on Friday, reaching $18.65. The company had a trading volume of 2,593,038 shares, compared to its average volume of 2,982,122. The firm has a market cap of $4.87 billion, a PE ratio of 20.52 and a beta of 1.40. Gates Industrial Corp PLC has a 1-year low of $10.68 and a 1-year high of $19.07. The business's 50 day moving average price is $17.40 and its 200-day moving average price is $17.04. 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 (NYSE:GTES - Get Free Report) last posted its quarterly earnings data 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%. Research analysts forecast that Gates Industrial Corp PLC will post 1.24 EPS for the current year.

Gates Industrial declared that its board has approved a stock 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on GTES. 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. 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. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $20.00 to $22.00 in a report on Monday, August 19th. 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 report on Monday, August 19th. Finally, The Goldman Sachs Group boosted their price target on Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial has an average rating of "Moderate Buy" and a consensus target price 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.