18,076 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by Benjamin Edwards Inc.

Benjamin Edwards Inc. acquired a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 18,076 shares of the company’s stock, valued at approximately $286,000.

Other hedge funds have also recently bought and sold shares of the company. MQS Management LLC acquired a new position in Gates Industrial during the 2nd quarter valued at about $168,000. Seven Eight Capital LP acquired a new position in Gates Industrial in the second quarter valued at approximately $962,000. Hsbc Holdings PLC bought a new position in Gates Industrial in the second quarter valued at approximately $227,000. Amalgamated Bank grew its holdings in Gates Industrial by 48.4% during the 2nd quarter. Amalgamated Bank now owns 35,996 shares of the company’s stock worth $569,000 after acquiring an additional 11,732 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Gates Industrial by 27.6% during the 2nd quarter. Renaissance Technologies LLC now owns 677,700 shares of the company’s stock valued at $10,714,000 after acquiring an additional 146,500 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average price of $16.80 per share, with a total value of $200,793.60. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available at this link. Insiders own 2.30% of the company’s stock.

Gates Industrial Stock Down 2.3 %

Shares of GTES stock opened at $17.72 on Friday. The company 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 12-month low of $10.68 and a 12-month high of $19.07. The firm has a fifty day moving average of $17.24 and a 200-day moving average of $16.98. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. The firm had revenue of $885.50 million for the quarter, compared to the consensus estimate of $893.00 million. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. As a group, equities research 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 of Directors has approved a stock repurchase program on Wednesday, July 31st that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GTES. Robert W. Baird decreased their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Barclays decreased their target price on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 4th. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Evercore ISI boosted their price objective 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. Finally, The Goldman Sachs Group increased their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and an average target price of $19.40.

About Gates Industrial

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.