10,654 Shares in Gates Industrial Corp PLC (NYSE:GTES) Purchased by MQS Management LLC

MQS Management LLC bought a new stake in Gates Industrial Corp PLC (NYSE:GTES) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,654 shares of the company’s stock, valued at approximately $168,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Advisory Services Network LLC lifted its stake in Gates Industrial by 2.9% in the fourth quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock valued at $463,000 after purchasing an additional 978 shares during the last quarter. Principal Financial Group Inc. raised its stake 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 valued at $241,000 after buying an additional 1,250 shares during the period. 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 valued at $27,000 after buying an additional 1,320 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Gates Industrial by 4.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,554 shares of the company’s stock worth $560,000 after acquiring an additional 1,616 shares during the period. Finally, Johnson Financial Group Inc. increased its holdings in Gates Industrial by 26.4% in the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after acquiring an additional 1,654 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Trading Down 2.3 %

Shares of GTES stock opened at $17.72 on Friday. The company has a market capitalization of $4.63 billion, a PE ratio of 19.47 and a beta of 1.41. Gates Industrial Corp PLC has a 52-week low of $10.68 and a 52-week high of $19.07. The business’s fifty day moving average is $17.24 and its 200 day moving average is $16.98. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating 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 analysts’ expectations of $893.00 million. On average, equities research analysts anticipate that Gates Industrial Corp PLC will post 1.24 EPS for the current fiscal year.

Gates Industrial announced that its Board of Directors has initiated a share buyback plan 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 plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Gates Industrial

In related news, Director Wilson S. Neely purchased 11,952 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average price of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now directly owns 6,000 shares of the company’s stock, valued at $100,800. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price objective 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 issued an “equal weight” rating and a $19.00 price objective for the company. Evercore ISI boosted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Barclays cut their price target on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Tuesday, June 4th. Finally, The Goldman Sachs Group boosted 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. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.40.

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.