Venturi Wealth Management LLC Raises Position in Gates Industrial Corp PLC (NYSE:GTES)

Venturi Wealth Management LLC increased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 35.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,079 shares of the company’s stock after purchasing an additional 814 shares during the period. Venturi Wealth Management LLC’s holdings in Gates Industrial were worth $54,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Swiss National Bank raised its stake in shares of Gates Industrial by 18.4% during the 1st quarter. Swiss National Bank now owns 339,000 shares of the company’s stock worth $6,004,000 after buying an additional 52,800 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in Gates Industrial by 172.6% in the second quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock valued at $1,043,000 after acquiring an additional 41,762 shares during the period. First Hawaiian Bank purchased a new stake in shares of Gates Industrial during the 2nd quarter worth $520,000. GAMMA Investing LLC grew its stake in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after purchasing an additional 2,998 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in shares of Gates Industrial by 799.6% in the 1st quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock valued at $585,000 after purchasing an additional 29,394 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Trading Up 0.2 %

Gates Industrial stock opened at $20.79 on Friday. The stock has a 50-day moving average price of $18.40 and a 200 day moving average price of $17.38. Gates Industrial Corp PLC has a 52 week low of $11.22 and a 52 week high of $21.54. The stock has a market cap of $5.29 billion, a PE ratio of 25.04 and a beta of 1.38. 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 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.

Insiders Place Their Bets

In other Gates Industrial news, Director Wilson S. Neely bought 11,952 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was 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 owns 6,000 shares of the company’s stock, valued at $100,800. This trade represents a -200.81 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Barclays upped their price target on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. KeyCorp lifted their price objective on Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. 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 investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

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.