Gates Industrial (NYSE:GTES) Shares Acquired Rep. Josh Gottheimer

Representative Josh Gottheimer (D-New Jersey) recently bought shares of Gates Industrial Corp PLC (NYSE:GTES). In a filing disclosed on November 06th, the Representative disclosed that they had bought between $1,001 and $15,000 in Gates Industrial stock on October 31st. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Texas Capital Bancshares (NASDAQ:TCBI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ITT (NYSE:ITT) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of Stifel Financial (NYSE:SF) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ICU Medical (NASDAQ:ICUI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of AppFolio (NASDAQ:APPF) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/29/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Enerpac Tool Group (NYSE:EPAC) on 10/25/2024.
• Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/25/2024.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $21.26 on Friday. Gates Industrial Corp PLC has a twelve month low of $11.14 and a twelve month high of $21.54. The firm has a market cap of $5.42 billion, a P/E ratio of 25.61 and a beta of 1.38. The company has a 50 day moving average of $17.96 and a 200 day moving average of $17.24. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.

Gates Industrial declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 31st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. 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 for the company. The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Robert W. Baird cut their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Finally, 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 research report on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Insider Transactions at Gates Industrial

In related news, Director Wilson S. Neely bought 11,952 shares of Gates Industrial stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the transaction, the director now owns 6,000 shares in the company, valued at $100,800. The trade was a -200.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Gates Industrial by 17.5% in the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock worth $318,935,000 after purchasing an additional 2,678,954 shares during the last quarter. Fred Alger Management LLC increased its position in shares of Gates Industrial by 156.8% during the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after acquiring an additional 1,627,482 shares during the period. Principal Financial Group Inc. increased its position in shares of Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after acquiring an additional 1,048,596 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Gates Industrial by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after acquiring an additional 1,037,741 shares during the period. Finally, Jennison Associates LLC purchased a new position in shares of Gates Industrial during the first quarter worth approximately $15,791,000. Institutional investors own 98.50% of the company’s stock.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer’s career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer’s committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

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.