Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Lingohr Asset Management GmbH

Lingohr Asset Management GmbH reduced its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 55,472 shares of the company’s stock after selling 710 shares during the quarter. Gates Industrial comprises 2.4% of Lingohr Asset Management GmbH’s portfolio, making the stock its 7th biggest holding. Lingohr Asset Management GmbH’s holdings in Gates Industrial were worth $974,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. US Bancorp DE increased its position in Gates Industrial by 45.5% during the first quarter. US Bancorp DE now owns 59,116 shares of the company’s stock worth $1,047,000 after acquiring an additional 18,495 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Gates Industrial by 31.8% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 21,660 shares of the company’s stock worth $384,000 after purchasing an additional 5,223 shares during the period. Vanguard Group Inc. raised its position in shares of Gates Industrial by 17.5% during the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after buying an additional 2,678,954 shares during the last quarter. Acadian Asset Management LLC lifted 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 valued at $585,000 after buying an additional 29,394 shares during the period. Finally, Delap Wealth Advisory LLC bought a new stake in shares of Gates Industrial in the first quarter valued at about $379,000. 98.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. KeyCorp upped their price target on Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a research note on Monday, August 19th. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Morgan Stanley assumed coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. Finally, Evercore ISI lifted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Four investment 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Insider Transactions at Gates Industrial

In related news, Director Wilson S. Neely purchased 11,952 shares of the stock in a transaction dated 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 purchase, the director now directly owns 6,000 shares in the company, valued at $100,800. The trade was a -200.81 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 2.30% of the stock is currently owned by corporate insiders.

Gates Industrial Trading Up 1.4 %

Shares of NYSE GTES opened at $21.08 on Tuesday. Gates Industrial Corp PLC has a 1-year low of $11.22 and a 1-year high of $21.54. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The company has a 50-day moving average of $18.50 and a two-hundred day moving average of $17.41. The company has a market cap of $5.37 billion, a PE ratio of 25.40 and a beta of 1.38.

Gates Industrial declared 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 repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

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.