Capital Performance Advisors LLP Acquires New Position in Gates Industrial Corp PLC (NYSE:GTES)

Capital Performance Advisors LLP bought a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,793 shares of the company’s stock, valued at approximately $67,000.

Other large investors have also recently modified their holdings of the company. Headlands Technologies LLC lifted its position 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 buying an additional 1,320 shares during the last quarter. GAMMA Investing LLC raised its stake in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares in the last quarter. Point72 DIFC Ltd bought a new position in shares of Gates Industrial in the second quarter worth about $142,000. Levin Capital Strategies L.P. acquired a new stake in shares of Gates Industrial in the 2nd quarter valued at approximately $158,000. Finally, MQS Management LLC bought a new stake in shares of Gates Industrial during the 2nd quarter valued at approximately $168,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

GTES has been the topic of a number of research reports. Morgan Stanley assumed coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price on the stock. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group upped their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Evercore ISI lifted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, Barclays raised their price target on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Insiders Place Their Bets

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

Gates Industrial Price Performance

Shares of NYSE GTES opened at $21.27 on Friday. The company has a market capitalization of $5.42 billion, a PE ratio of 25.63 and a beta of 1.38. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a twelve month low of $11.14 and a twelve month high of $21.54. The firm has a fifty day simple moving average of $18.02 and a 200 day simple moving average of $17.26.

Gates Industrial declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 31st that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication 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.