Gates Industrial Corp PLC (NYSE:GTES) Shares Bought by Delap Wealth Advisory LLC

Delap Wealth Advisory LLC increased its stake in Gates Industrial Corp PLC (NYSE:GTES) by 16.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,985 shares of the company’s stock after purchasing an additional 3,567 shares during the period. Delap Wealth Advisory LLC’s holdings in Gates Industrial were worth $395,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of GTES. Headlands Technologies LLC raised its position in 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 buying an additional 1,320 shares during the last quarter. TFO Wealth Partners LLC raised its position in Gates Industrial by 68,390.0% during the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after buying an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. raised its position in Gates Industrial by 26.4% during the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after buying an additional 1,654 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in Gates Industrial during the 4th quarter worth approximately $147,000. Finally, Levin Capital Strategies L.P. purchased a new position in Gates Industrial during the 2nd quarter worth approximately $158,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Barclays cut 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 report on Tuesday, June 4th. Robert W. Baird cut their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company 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 lifted their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. Morgan Stanley assumed coverage on shares of 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, The Goldman Sachs Group lifted their target price 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. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.40.

Gates Industrial Trading Down 2.3 %

Shares of GTES opened at $17.72 on Friday. Gates Industrial Corp PLC has a 52-week low of $10.68 and a 52-week high of $19.07. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68. The firm’s fifty day moving average is $17.24 and its two-hundred day moving average is $16.98. The stock has a market cap of $4.63 billion, a PE ratio of 19.47 and a beta of 1.41.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. The company had revenue of $885.50 million for the quarter, compared to analysts’ expectations of $893.00 million. Research analysts forecast that Gates Industrial Corp PLC will post 1.24 earnings per share for the current fiscal year.

Gates Industrial announced that its Board of Directors has initiated a share buyback program on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Gates Industrial news, Director Wilson S. Neely bought 11,952 shares of the 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 approximately $100,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

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.