Point72 DIFC Ltd Buys Shares of 8,956 Gates Industrial Corp PLC (NYSE:GTES)

Point72 DIFC Ltd purchased a new position in Gates Industrial Corp PLC (NYSE:GTES) during the second quarter, HoldingsChannel.com reports. The fund purchased 8,956 shares of the company’s stock, valued at approximately $142,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Headlands Technologies LLC raised its stake in Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after acquiring an additional 1,320 shares during the period. TFO Wealth Partners LLC grew its holdings in shares of Gates Industrial by 68,390.0% during the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares during the last quarter. Levin Capital Strategies L.P. acquired a new stake in shares of Gates Industrial during the 2nd quarter worth approximately $158,000. HighPoint Advisor Group LLC bought a new stake in shares of Gates Industrial in the 4th quarter worth approximately $164,000. Finally, MQS Management LLC acquired a new position in Gates Industrial during the 2nd quarter valued at approximately $168,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Wilson S. Neely acquired 11,952 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the transaction, the director now owns 6,000 shares of the company’s stock, valued at $100,800. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 2.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GTES shares. The Goldman Sachs Group increased their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Robert W. Baird dropped their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Barclays reduced their target price on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th. Morgan Stanley initiated coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. Finally, Evercore ISI boosted their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock 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 given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.40.

Gates Industrial Stock Down 0.8 %

GTES opened at $17.41 on Wednesday. The stock’s fifty day moving average is $17.30 and its 200-day moving average is $17.03. Gates Industrial Corp PLC has a one year low of $10.68 and a one year high of $19.07. The company has a market capitalization of $4.55 billion, a PE ratio of 19.13 and a beta of 1.41. 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) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The company had revenue of $885.50 million during the quarter, compared to the consensus estimate of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. On average, equities analysts predict that Gates Industrial Corp PLC will post 1.24 EPS for the current fiscal year.

Gates Industrial announced that its board has approved a share repurchase plan on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management 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.