US Bancorp DE Has $893,000 Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

US Bancorp DE decreased its position in Gates Industrial Corp PLC (NYSE:GTES) by 13.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 50,861 shares of the company’s stock after selling 7,933 shares during the quarter. US Bancorp DE’s holdings in Gates Industrial were worth $893,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Swiss National Bank raised its position in Gates Industrial by 18.4% in the 1st quarter. Swiss National Bank now owns 339,000 shares of the company’s stock valued at $6,004,000 after purchasing an additional 52,800 shares during the last quarter. Park Avenue Securities LLC lifted its position in Gates Industrial by 172.6% during the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock worth $1,043,000 after buying an additional 41,762 shares in the last quarter. First Hawaiian Bank bought a new stake in Gates Industrial during the 2nd quarter worth about $520,000. GAMMA Investing LLC increased its position in Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after acquiring an additional 2,998 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake 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 worth $585,000 after acquiring an additional 29,394 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GTES shares. Robert W. Baird lowered their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. The Goldman Sachs Group raised their price target on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Morgan Stanley began coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. Barclays raised their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Evercore ISI boosted their price target 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 research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Insider Activity

In related news, Director Wilson S. Neely acquired 11,952 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Stock Performance

NYSE GTES opened at $21.27 on Friday. Gates Industrial Corp PLC has a one year low of $11.14 and a one year high of $21.54. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The firm has a market cap of $5.42 billion, a P/E ratio of 25.63 and a beta of 1.38. The stock’s 50-day moving average is $18.02 and its 200-day moving average is $17.26.

Gates Industrial declared 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 shares. This buyback authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

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.