Jade Capital Advisors LLC Makes New $1.32 Million Investment in Gates Industrial Corp PLC (NYSE:GTES)

Jade Capital Advisors LLC purchased a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 75,000 shares of the company’s stock, valued at approximately $1,316,000.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Gates Industrial by 17.5% in the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after purchasing an additional 2,678,954 shares during the period. Fred Alger Management LLC raised its holdings in 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 buying an additional 1,627,482 shares during the period. Dimensional Fund Advisors LP lifted its position in Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock valued at $188,477,000 after buying an additional 1,037,741 shares during the last quarter. Jennison Associates LLC purchased a new position in Gates Industrial during the first quarter worth about $15,791,000. Finally, LSV Asset Management increased its position in shares of Gates Industrial by 19.9% during the second 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 last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on GTES. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group lifted their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Evercore ISI lifted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Robert W. Baird dropped their target price on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Finally, Morgan Stanley initiated coverage on Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.40.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $18.59 on Tuesday. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68. The stock has a market cap of $4.86 billion, a P/E ratio of 20.43 and a beta of 1.40. The stock has a 50 day moving average of $17.48 and a two-hundred day moving average of $17.05. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $19.07.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. The firm had revenue of $885.50 million during the quarter, compared to the consensus estimate of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. On average, research analysts forecast that Gates Industrial Corp PLC will post 1.24 earnings per share for the current year.

Gates Industrial declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 31st that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity at Gates Industrial

In related news, Director Wilson S. Neely acquired 11,952 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was bought 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by insiders.

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.