Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC increased its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 10.4% during the third quarter, HoldingsChannel.com reports. The fund owned 38,452 shares of the company’s stock after buying an additional 3,610 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Gates Industrial were worth $675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of GTES. Headlands Technologies LLC boosted its holdings 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 purchasing an additional 1,320 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after buying an additional 2,998 shares in the last quarter. Point72 DIFC Ltd acquired a new position in Gates Industrial during the second quarter worth $142,000. Levin Capital Strategies L.P. purchased a new position in Gates Industrial in the second quarter worth $158,000. Finally, MQS Management LLC purchased a new position in Gates Industrial in the second quarter worth $168,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction on Wednesday, August 21st. The shares were bought at an average price of $16.80 per share, with a total value of $200,793.60. Following the purchase, the director now directly owns 6,000 shares in the company, valued at $100,800. This trade represents a -200.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on GTES shares. Barclays upped their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Morgan Stanley started coverage on Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group upped 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. Finally, Robert W. Baird cut their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Gates Industrial Trading Down 0.4 %

Shares of GTES stock opened at $21.26 on Friday. Gates Industrial Corp PLC has a twelve month low of $11.14 and a twelve month high of $21.54. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of 25.61 and a beta of 1.38. The firm has a 50-day moving average price of $17.96 and a 200 day moving average price of $17.24. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Gates Industrial announced that its board has initiated a stock buyback program on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually 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.