Wealth Enhancement Advisory Services LLC Increases Stake in Gates Industrial Corp PLC (NYSE:GTES)

Wealth Enhancement Advisory Services LLC raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 10.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,452 shares of the company’s stock after purchasing an additional 3,610 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Gates Industrial were worth $675,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of 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. Allspring Global Investments Holdings LLC raised its position in Gates Industrial by 2.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after buying an additional 303,353 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Gates Industrial by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after buying an additional 1,037,741 shares during the last quarter. LSV Asset Management lifted its stake in Gates Industrial by 19.9% during the 2nd quarter. LSV Asset Management now owns 4,137,951 shares of the company’s stock valued at $65,421,000 after acquiring an additional 686,080 shares during the period. Finally, Fred Alger Management LLC boosted its holdings in shares of Gates Industrial by 156.8% in the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock valued at $42,144,000 after acquiring an additional 1,627,482 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insiders Place Their Bets

In other news, Director Wilson S. Neely bought 11,952 shares of the stock in a transaction that occurred 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 acquisition, the director now directly owns 6,000 shares of the company’s stock, valued at $100,800. The trade was a -200.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on GTES shares. Barclays raised their price objective on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday. KeyCorp boosted their price target on shares of Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Morgan Stanley began coverage on shares of Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective on the stock. Robert W. Baird cut their target price on shares of 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, Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.30.

Gates Industrial Stock Down 0.4 %

Shares of NYSE:GTES opened at $21.26 on Friday. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of 25.61 and a beta of 1.38. Gates Industrial Corp PLC has a 12-month low of $11.14 and a 12-month high of $21.54. The business has a 50-day moving average price of $17.96 and a 200 day moving average price of $17.24. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Gates Industrial announced that its board has authorized a share buyback program on Wednesday, July 31st that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.