Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Maven Securities LTD

Maven Securities LTD trimmed its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 68.8% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 12,000 shares of the company’s stock after selling 26,500 shares during the period. Maven Securities LTD’s holdings in Gates Industrial were worth $190,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Headlands Technologies LLC grew its position in Gates Industrial by 341.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after buying an additional 1,320 shares during the last quarter. TFO Wealth Partners LLC raised its holdings in Gates Industrial by 68,390.0% during the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after purchasing an additional 6,839 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Gates Industrial in the second quarter valued at about $142,000. Levin Capital Strategies L.P. acquired a new stake in Gates Industrial in the second quarter valued at about $158,000. Finally, MQS Management LLC acquired a new position in Gates Industrial during the 2nd quarter worth approximately $168,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Gates Industrial stock opened at $17.32 on Friday. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $19.07. The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of 19.03 and a beta of 1.41. The stock has a fifty day moving average of $17.30 and a two-hundred day moving average of $17.03. 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 posted 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 during the quarter, compared to analysts’ expectations of $893.00 million. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. On average, analysts anticipate that Gates Industrial Corp PLC will post 1.24 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 authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, Director Wilson S. Neely bought 11,952 shares of the 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 purchase, the director now owns 6,000 shares of the company’s stock, valued at $100,800. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Robert W. Baird reduced their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Morgan Stanley began 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 on the stock. 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. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Evercore ISI increased their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a 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 company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.40.

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.