Swiss National Bank Acquires 18,500 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Swiss National Bank lifted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 4.7% during the third quarter, HoldingsChannel reports. The firm owned 408,200 shares of the company’s stock after purchasing an additional 18,500 shares during the quarter. Swiss National Bank’s holdings in Gates Industrial were worth $7,164,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Headlands Technologies LLC raised its stake in shares of Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after purchasing an additional 1,320 shares during the period. Venturi Wealth Management LLC raised its stake in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares during the period. Capital Performance Advisors LLP bought a new stake in Gates Industrial in the 3rd quarter valued at about $67,000. GAMMA Investing LLC raised its stake in Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after acquiring an additional 2,998 shares during the period. Finally, Covestor Ltd raised its stake in Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of research reports. Barclays boosted their price objective on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. KeyCorp boosted their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Morgan Stanley initiated coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. Finally, Evercore ISI lifted their target price on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.40.

Gates Industrial Stock Up 0.7 %

Shares of NYSE GTES opened at $22.14 on Tuesday. Gates Industrial Corp PLC has a 12 month low of $11.22 and a 12 month high of $22.31. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 26.67 and a beta of 1.38. The business has a 50-day moving average of $18.87 and a 200-day moving average of $17.55.

Gates Industrial declared that its Board of Directors has approved a stock buyback program on Wednesday, July 31st that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually 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.