Gates Industrial Corp PLC (NYSE:GTES) Shares Purchased by Bank of Montreal Can

Bank of Montreal Can boosted its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,800 shares of the company’s stock after buying an additional 823 shares during the period. Bank of Montreal Can’s holdings in Gates Industrial were worth $535,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in GTES. Nebula Research & Development LLC purchased a new position in shares of Gates Industrial in the fourth quarter worth about $984,000. Vanguard Group Inc. increased its holdings in shares of Gates Industrial by 11.0% in 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 during the last quarter. HighPoint Advisor Group LLC purchased a new position in Gates Industrial during the fourth quarter worth approximately $164,000. Confluence Investment Management LLC acquired a new position in Gates Industrial during the first quarter worth $28,390,000. Finally, Hennion & Walsh Asset Management Inc. increased its stake in shares of Gates Industrial by 45.9% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 27,614 shares of the company’s stock worth $489,000 after acquiring an additional 8,693 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Down 1.0 %

Shares of GTES opened at $17.30 on Wednesday. The company’s 50-day simple moving average is $17.28 and its 200-day simple moving average is $17.03. 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 1 year low of $10.68 and a 1 year high of $19.07. The stock has a market capitalization of $4.52 billion, a PE ratio of 19.01 and a beta of 1.40.

Gates Industrial (NYSE:GTES) last released its earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, topping 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 company had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. Analysts forecast that Gates Industrial Corp PLC will post 1.24 earnings per share for the current fiscal year.

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

Insider Activity

In related news, Director Wilson S. Neely acquired 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, 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. This represents a -200.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Evercore ISI upped their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company 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 objective on the stock. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. The Goldman Sachs Group upped their price target on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Robert W. Baird cut their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.40.

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.