Auxier Asset Management Decreases Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Auxier Asset Management lessened its stake in Gates Industrial Corp PLC (NYSE:GTES) by 2.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 162,449 shares of the company’s stock after selling 4,800 shares during the quarter. Auxier Asset Management owned approximately 0.06% of Gates Industrial worth $2,568,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in GTES. Swiss National Bank lifted its position in shares of Gates Industrial by 18.4% in the first quarter. Swiss National Bank now owns 339,000 shares of the company’s stock valued at $6,004,000 after acquiring an additional 52,800 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock valued at $1,043,000 after purchasing an additional 41,762 shares in the last quarter. First Hawaiian Bank acquired a new stake in Gates Industrial during the 2nd quarter worth $520,000. Jennison Associates LLC purchased a new stake in shares of Gates Industrial during the first quarter worth $15,791,000. Finally, Acadian Asset Management LLC raised its position in shares of Gates Industrial by 799.6% in the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock valued at $585,000 after buying an additional 29,394 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Stock Down 2.3 %

Shares of NYSE:GTES 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 business has a 50-day moving average price of $17.24 and a 200 day moving average price of $16.96. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68.

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

Gates Industrial declared that its board has approved a stock buyback program on Wednesday, July 31st that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. Evercore ISI increased their price target on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. The Goldman Sachs Group boosted their price objective on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Robert W. Baird cut their target price 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. Finally, Barclays lowered their price target on shares of 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. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.40.

Insider Buying and Selling at Gates Industrial

In other news, Director Wilson S. Neely purchased 11,952 shares of the stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average cost 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 this hyperlink. 2.30% of the stock is owned by corporate 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.