Covestor Ltd Has $84,000 Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Covestor Ltd grew its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 26.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,812 shares of the company’s stock after acquiring an additional 1,001 shares during the period. Covestor Ltd’s holdings in Gates Industrial were worth $84,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Bank of Montreal Can lifted its holdings in Gates Industrial by 2.5% during the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after purchasing an additional 823 shares during the last quarter. Tectonic Advisors LLC lifted its holdings in shares of Gates Industrial by 5.5% during the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock worth $353,000 after buying an additional 1,043 shares in the last quarter. Fort L.P. boosted its position in shares of Gates Industrial by 9.3% in the third quarter. Fort L.P. now owns 14,423 shares of the company’s stock valued at $253,000 after acquiring an additional 1,222 shares during the period. Principal Financial Group Inc. boosted its position in shares of Gates Industrial by 8.9% in the second quarter. Principal Financial Group Inc. now owns 15,242 shares of the company’s stock valued at $241,000 after acquiring an additional 1,250 shares during the period. Finally, Headlands Technologies LLC grew its stake in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after acquiring an additional 1,320 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Insiders Place Their Bets

In related news, Director Wilson S. Neely purchased 11,952 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now owns 6,000 shares of the company’s stock, valued at $100,800. This trade represents a -200.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

Shares of GTES stock opened at $20.66 on Thursday. The business has a fifty day simple moving average of $18.23 and a 200 day simple moving average of $17.33. The company has a market cap of $5.26 billion, a P/E ratio of 24.89 and a beta of 1.38. 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 Corp PLC has a twelve month low of $11.22 and a twelve month high of $21.54.

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on GTES. 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 report on Thursday, August 1st. Morgan Stanley started coverage on Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target for the company. Evercore ISI raised their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. KeyCorp upped their target price on Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, Barclays raised their price target on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

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.