75,000 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by Jade Capital Advisors LLC

Jade Capital Advisors LLC bought a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 75,000 shares of the company's stock, valued at approximately $1,316,000.

Several other institutional investors also recently bought and sold shares of the stock. Everence Capital Management Inc. acquired a new position in Gates Industrial during the 3rd quarter worth $247,000. Allspring Global Investments Holdings LLC increased its position in Gates Industrial by 2.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company's stock worth $262,011,000 after buying an additional 303,353 shares during the period. Wedge Capital Management L L P NC lifted its holdings in shares of Gates Industrial by 10.1% during the third quarter. Wedge Capital Management L L P NC now owns 174,417 shares of the company's stock worth $3,061,000 after buying an additional 15,968 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Gates Industrial by 4.1% in the third quarter. Exchange Traded Concepts LLC now owns 91,020 shares of the company's stock valued at $1,597,000 after acquiring an additional 3,547 shares during the period. Finally, CWM LLC grew its stake in shares of Gates Industrial by 45.1% in the third quarter. CWM LLC now owns 57,192 shares of the company's stock worth $1,004,000 after acquiring an additional 17,785 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on GTES. Robert W. Baird cut their target price on shares of Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a research note on Thursday, August 1st. Morgan Stanley initiated coverage on Gates Industrial in a research report on Friday, September 6th. They set an "equal weight" rating and a $19.00 target price on the stock. The Goldman Sachs Group upped 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. 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, Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Gates Industrial has a consensus rating of "Moderate Buy" and a consensus target price of $19.40.

Insider Buying and Selling

In other news, Director Wilson S. Neely acquired 11,952 shares of the company's stock in a transaction on Wednesday, August 21st. The stock was purchased at an average cost of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now owns 6,000 shares of the company's stock, valued at $100,800. This trade represents a -200.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by corporate insiders.

Gates Industrial Price Performance

Gates Industrial stock traded up $0.12 during trading hours on Tuesday, hitting $18.69. 4,775,842 shares of the stock were exchanged, compared to its average volume of 2,988,934. 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 P/E ratio of 20.53 and a beta of 1.40. The business's 50-day moving average is $17.48 and its two-hundred day moving average is $17.05. Gates Industrial Corp PLC has a 12 month low of $10.68 and a 12 month high of $19.07.

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 analysts' consensus estimates of $0.33 by $0.01. The firm had revenue of $885.50 million for 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%. Equities research analysts expect that Gates Industrial Corp PLC will post 1.24 EPS for the current fiscal year.

Gates Industrial declared that its board has initiated a stock buyback program on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

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.