KBC Group NV Acquires 1,468 Shares of Gates Industrial Corp PLC (NYSE:GTES)

KBC Group NV raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 35.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,646 shares of the company’s stock after purchasing an additional 1,468 shares during the period. KBC Group NV’s holdings in Gates Industrial were worth $99,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Headlands Technologies LLC lifted its stake in Gates Industrial by 341.1% in the second 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 last quarter. Venturi Wealth Management LLC lifted its stake in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after acquiring an additional 814 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Gates Industrial during the 3rd quarter valued at $67,000. GAMMA Investing LLC grew its position 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 last quarter. Finally, Covestor Ltd lifted its position in shares of Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after purchasing an additional 1,001 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GTES. Barclays lifted their price objective on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. KeyCorp boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday. Morgan Stanley began coverage on Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. Robert W. Baird dropped their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Finally, Evercore ISI raised their price target on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.40.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.00 on Friday. Gates Industrial Corp PLC has a 12-month low of $11.22 and a 12-month high of $22.05. The business’s fifty day simple moving average is $18.77 and its 200-day simple moving average is $17.50. 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 company has a market cap of $5.60 billion, a PE ratio of 26.47 and a beta of 1.38.

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