109,300 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System acquired a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the third quarter, according to its most recent filing with the SEC. The fund acquired 109,300 shares of the company's stock, valued at approximately $1,918,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Swiss National Bank boosted its holdings in shares of Gates Industrial by 18.4% in the 1st 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 in the last quarter. Park Avenue Securities LLC boosted its holdings in Gates Industrial by 172.6% during the 2nd 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 period. First Hawaiian Bank purchased a new stake in Gates Industrial during the 2nd quarter valued at about $520,000. Jennison Associates LLC purchased a new stake in Gates Industrial during the 1st quarter valued at about $15,791,000. Finally, GAMMA Investing LLC boosted its holdings in Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock valued at $68,000 after acquiring an additional 2,998 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Insider Activity at Gates Industrial

In other news, Director Wilson S. Neely acquired 11,952 shares of the business's stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the transaction, 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 purchase 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 insiders.

Gates Industrial Stock Up 0.3 %

Shares of GTES traded up $0.05 during trading hours on Thursday, hitting $19.35. The company had a trading volume of 9,225,074 shares, compared to its average volume of 3,031,643. Gates Industrial Corp PLC has a 52-week low of $10.73 and a 52-week high of $20.01. The firm has a fifty day moving average price of $17.67 and a 200-day moving average price of $17.11. The stock has a market capitalization of $5.06 billion, a price-to-earnings ratio of 21.30 and a beta of 1.40. 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 announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. The company had revenue of $885.50 million for the quarter, compared to the consensus estimate of $893.00 million. On average, equities research analysts forecast that Gates Industrial Corp PLC will post 1.23 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GTES. The Goldman Sachs Group increased their target price on Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a report 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 price target for the company. Robert W. Baird lowered their price target on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a research report on Thursday, August 1st. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Finally, Evercore ISI upped their price target 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. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Gates Industrial has a consensus rating of "Moderate Buy" and an average target price of $19.80.

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.