Raymond James & Associates Sells 136,909 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Raymond James & Associates cut its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 21.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 506,228 shares of the company’s stock after selling 136,909 shares during the period. Raymond James & Associates owned 0.19% of Gates Industrial worth $8,884,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Gates Industrial by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company’s stock valued at $205,726,000 after purchasing an additional 1,519,041 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its position in shares of Gates Industrial by 45.9% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 27,614 shares of the company’s stock valued at $489,000 after buying an additional 8,693 shares in the last quarter. Uncommon Cents Investing LLC lifted its holdings in shares of Gates Industrial by 11.4% in the 1st quarter. Uncommon Cents Investing LLC now owns 19,980 shares of the company’s stock valued at $354,000 after acquiring an additional 2,045 shares during the last quarter. Legacy Wealth Asset Management LLC purchased a new position in Gates Industrial in the first quarter worth about $199,000. Finally, Principal Financial Group Inc. bought a new stake in Gates Industrial during the first quarter worth approximately $248,000. 98.50% of the stock is currently owned by institutional investors.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was bought at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the purchase, the director now owns 6,000 shares in the company, valued at $100,800. This represents a -200.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

Gates Industrial Stock Performance

GTES stock opened at $18.29 on Wednesday. Gates Industrial Corp PLC has a one year low of $10.73 and a one year high of $19.07. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of 20.10 and a beta of 1.40. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11. The firm has a 50-day simple moving average of $17.64 and a two-hundred day simple moving average of $17.10.

Gates Industrial (NYSE:GTES) last announced its 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. The company had revenue of $885.50 million during the quarter, compared to the consensus estimate of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. On average, equities analysts forecast that Gates Industrial Corp PLC will post 1.23 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GTES. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $22.00 in a research note 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 objective on the stock. The Goldman Sachs Group raised 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. Robert W. Baird cut their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Finally, Evercore ISI raised their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock 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 issued a buy rating to the stock. According to data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and an average target price 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.