19,959 Shares in Gates Industrial Corp PLC (NYSE:GTES) Bought by Algert Global LLC

Algert Global LLC acquired a new position in Gates Industrial Corp PLC (NYSE:GTES) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 19,959 shares of the company’s stock, valued at approximately $316,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its stake in shares of Gates Industrial by 2.5% in the second quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after acquiring an additional 823 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Gates Industrial by 8.9% in the 2nd quarter. Principal Financial Group Inc. now owns 15,242 shares of the company’s stock valued at $241,000 after purchasing an additional 1,250 shares in the last quarter. Headlands Technologies LLC boosted its stake 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 position 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 worth $560,000 after buying an additional 1,616 shares in the last quarter. Finally, Savant Capital LLC increased its stake in shares of Gates Industrial by 1.6% in the second quarter. Savant Capital LLC now owns 121,889 shares of the company’s stock worth $1,927,000 after buying an additional 1,879 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Down 1.0 %

Gates Industrial stock opened at $17.30 on Wednesday. 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 Corp PLC has a one year low of $10.68 and a one year high of $19.07. The company has a 50-day simple moving average of $17.28 and a 200-day simple moving average of $17.03. The firm has a market capitalization of $4.52 billion, a P/E ratio of 19.01 and a beta of 1.40.

Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. The firm 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%. As a group, equities analysts expect that Gates Industrial Corp PLC will post 1.24 earnings per share for the current year.

Gates Industrial declared that its board has initiated a stock repurchase plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GTES. The Goldman Sachs Group raised their price objective 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. Robert W. Baird lowered their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Evercore ISI increased their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Morgan Stanley assumed coverage on Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target for the company. Finally, Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $20.00 to $22.00 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. According to data from MarketBeat.com, Gates Industrial has an average rating of “Moderate Buy” and a consensus target price of $19.40.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction on Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the transaction, the director now owns 6,000 shares of the company’s stock, valued at $100,800. The trade was a -200.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.30% of the stock is owned by insiders.

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.