Envestnet Asset Management Inc. Acquires 619,670 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Envestnet Asset Management Inc. boosted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 102.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,222,241 shares of the company’s stock after acquiring an additional 619,670 shares during the period. Envestnet Asset Management Inc. owned 0.47% of Gates Industrial worth $19,324,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Advisory Services Network LLC boosted its position in shares of Gates Industrial by 2.9% in the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock worth $463,000 after purchasing an additional 978 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Gates Industrial by 8.9% in the second quarter. Principal Financial Group Inc. now owns 15,242 shares of the company’s stock worth $241,000 after acquiring an additional 1,250 shares in the last quarter. Headlands Technologies LLC grew its stake in shares of 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 acquiring an additional 1,320 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Gates Industrial by 4.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,554 shares of the company’s stock valued at $560,000 after acquiring an additional 1,616 shares in the last quarter. Finally, Johnson Financial Group Inc. raised its position in shares of 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 purchasing an additional 1,654 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Insider Activity at Gates Industrial

In related news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction on Wednesday, August 21st. The stock was acquired at an average price of $16.80 per share, for a total transaction 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 filing with the SEC, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Gates Industrial Trading Up 0.2 %

Gates Industrial stock opened at $17.76 on Tuesday. The business has a 50-day simple moving average of $17.27 and a two-hundred day simple moving average of $17.00. 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 company has a market cap of $4.64 billion, a P/E ratio of 19.51 and a beta of 1.41.

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

Gates Industrial declared that its Board of Directors has authorized a stock repurchase program on Wednesday, July 31st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several analysts recently commented on GTES shares. Evercore ISI increased their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Morgan Stanley assumed coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Barclays lowered their price objective on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. The Goldman Sachs Group lifted their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.40.

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.