Choreo LLC Buys Shares of 11,793 Gates Industrial Corp PLC (NYSE:GTES)

Choreo LLC bought a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 11,793 shares of the company’s stock, valued at approximately $183,000.

Other institutional investors also recently modified their holdings of the company. Advisory Services Network LLC raised its stake in Gates Industrial by 2.9% during the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock worth $463,000 after buying an additional 978 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Gates Industrial by 8.9% in the second quarter. Principal Financial Group Inc. now owns 15,242 shares of the company’s stock worth $241,000 after acquiring an additional 1,250 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Gates Industrial by 4.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,554 shares of the company’s stock worth $560,000 after purchasing an additional 1,616 shares during the period. Johnson Financial Group Inc. lifted its holdings in shares of Gates Industrial by 26.4% during the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock valued at $106,000 after purchasing an additional 1,654 shares in the last quarter. Finally, Savant Capital LLC grew its position in shares of Gates Industrial by 1.6% in the 2nd quarter. Savant Capital LLC now owns 121,889 shares of the company’s stock valued at $1,927,000 after purchasing an additional 1,879 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Wilson S. Neely purchased 11,952 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was purchased at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the purchase, the director now directly owns 6,000 shares in the company, valued at approximately $100,800. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Robert W. Baird dropped their target price 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. Evercore ISI raised their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. 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 assumed coverage on 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, The Goldman Sachs Group upped their price objective on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and an average price target of $19.40.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $17.72 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20. The business has a 50-day moving average of $17.24 and a 200-day moving average of $16.96. The stock has a market capitalization of $4.63 billion, a price-to-earnings ratio of 19.47 and a beta of 1.41. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $19.07.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The firm had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. As a group, sell-side analysts predict that Gates Industrial Corp PLC will post 1.24 earnings per share for the current fiscal year.

Gates Industrial announced that its board has initiated a stock repurchase plan on Wednesday, July 31st that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

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.