Thrivent Financial for Lutherans Purchases 166,635 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Thrivent Financial for Lutherans lifted its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 21.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 958,417 shares of the company's stock after purchasing an additional 166,635 shares during the quarter. Thrivent Financial for Lutherans owned about 0.38% of Gates Industrial worth $16,820,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Gates Industrial by 17.5% in the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company's stock worth $318,935,000 after acquiring an additional 2,678,954 shares in the last quarter. Fred Alger Management LLC boosted its stake in Gates Industrial by 156.8% in the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock worth $42,144,000 after purchasing an additional 1,627,482 shares in the last quarter. Principal Financial Group Inc. grew its position in Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock valued at $18,670,000 after purchasing an additional 1,048,596 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company's stock worth $188,477,000 after buying an additional 1,037,741 shares during the last quarter. Finally, New York State Common Retirement Fund raised its holdings in Gates Industrial by 606.4% in the third quarter. New York State Common Retirement Fund now owns 948,825 shares of the company's stock worth $16,652,000 after buying an additional 814,510 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

GTES traded up $0.02 on Thursday, hitting $21.11. 6,529 shares of the company's stock traded hands, compared to its average volume of 3,058,407. Gates Industrial Corp PLC has a one year low of $11.22 and a one year high of $21.54. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of 25.41 and a beta of 1.38. The company's 50 day simple moving average is $18.68 and its 200-day simple moving average is $17.47.

Gates Industrial declared that its Board of Directors has authorized a share buyback program on Wednesday, July 31st that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

GTES has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, August 1st. Robert W. Baird reduced 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. Evercore ISI boosted their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research note on Monday, August 19th. KeyCorp increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.40.

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.