Gates Industrial Corp PLC (NYSE:GTES) Stake Lifted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 2.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,929,377 shares of the company's stock after purchasing an additional 303,353 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 5.71% of Gates Industrial worth $262,011,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTES. Swiss National Bank raised its stake in Gates Industrial by 18.4% during the first quarter. Swiss National Bank now owns 339,000 shares of the company's stock worth $6,004,000 after purchasing an additional 52,800 shares during the period. Park Avenue Securities LLC increased its stake in Gates Industrial by 172.6% during the second quarter. Park Avenue Securities LLC now owns 65,962 shares of the company's stock worth $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 in the 2nd quarter worth 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, GAMMA Investing LLC grew its holdings in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock worth $68,000 after purchasing an additional 2,998 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Insiders Place Their Bets

In other news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, with a total value of $200,793.60. Following the completion of the acquisition, the director now owns 6,000 shares in the company, valued at $100,800. The trade was a -200.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

GTES has been the topic of a number of recent research reports. Evercore ISI lifted their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research report on Monday, August 19th. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and raised their price objective for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Morgan Stanley began coverage on Gates Industrial in a research report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 target price for the company. Robert W. Baird dropped 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. Finally, The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a research 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 MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $19.40.

Gates Industrial Stock Up 1.8 %

Shares of GTES stock traded up $0.33 during trading hours on Friday, hitting $18.67. 2,593,038 shares of the company were exchanged, compared to its average volume of 2,982,122. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11. The stock has a market capitalization of $4.88 billion, a price-to-earnings ratio of 20.52 and a beta of 1.40. Gates Industrial Corp PLC has a one year low of $10.68 and a one year high of $19.07. The business's 50-day simple moving average is $17.44 and its two-hundred day simple moving average is $17.04.

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

Gates Industrial declared that its Board of Directors has initiated a stock buyback program on Wednesday, July 31st that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management 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.