AQR Capital Management LLC Has $126.12 Million Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

AQR Capital Management LLC cut its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 0.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,977,409 shares of the company’s stock after selling 7,637 shares during the quarter. AQR Capital Management LLC owned 3.05% of Gates Industrial worth $126,123,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Janney Montgomery Scott LLC acquired a new position in shares of Gates Industrial during the 4th quarter valued at $492,000. Norges Bank acquired a new position in shares of Gates Industrial during the fourth quarter valued at about $23,054,000. Corient Private Wealth LLC boosted its position in shares of Gates Industrial by 25.2% during the 4th quarter. Corient Private Wealth LLC now owns 136,611 shares of the company’s stock worth $1,833,000 after purchasing an additional 27,527 shares in the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of Gates Industrial by 13.6% in the 4th quarter. Orion Portfolio Solutions LLC now owns 114,264 shares of the company’s stock valued at $1,522,000 after buying an additional 13,655 shares during the period. Finally, Advisory Services Network LLC increased its position in Gates Industrial by 2.9% in the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock valued at $463,000 after buying an additional 978 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Wilson S. Neely bought 11,952 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were purchased at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the purchase, the director now directly owns 6,000 shares in the company, valued at $100,800. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Evercore ISI increased their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Barclays cut their target price on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. Robert W. Baird decreased their price target 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. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Morgan Stanley initiated coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.40.

Gates Industrial Stock Performance

GTES stock opened at $17.69 on Friday. The business has a 50 day moving average of $17.29 and a 200-day moving average of $17.02. The firm has a market cap of $4.62 billion, a PE ratio of 19.44 and a beta of 1.41. Gates Industrial Corp PLC has a 12-month low of $10.68 and a 12-month high of $19.07. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. The firm 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%. As a group, sell-side analysts expect that Gates Industrial Corp PLC will post 1.24 earnings per share for the current year.

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