Gates Industrial Corp PLC (NYSE:GTES) Stake Raised by LSV Asset Management

LSV Asset Management raised its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 19.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,137,951 shares of the company’s stock after acquiring an additional 686,080 shares during the quarter. LSV Asset Management owned approximately 1.58% of Gates Industrial worth $65,421,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in GTES. TFO Wealth Partners LLC grew its position in Gates Industrial by 68,390.0% during the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares in the last quarter. Johnson Financial Group Inc. increased its stake in shares of Gates Industrial by 26.4% in the fourth quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after acquiring an additional 1,654 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Gates Industrial in the fourth quarter worth $147,000. HighPoint Advisor Group LLC purchased a new stake in shares of Gates Industrial during the fourth quarter worth $164,000. Finally, Raymond James Trust N.A. acquired a new stake in Gates Industrial during the second quarter valued at $190,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. The Goldman Sachs Group upped their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Morgan Stanley started coverage on shares of Gates Industrial in a research report on Friday. They issued an “equal weight” rating and a $19.00 target price for the company. Robert W. Baird dropped their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Finally, Barclays reduced their price objective on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.40.

Gates Industrial Stock Performance

NYSE:GTES opened at $16.32 on Monday. The firm has a market capitalization of $4.27 billion, a PE ratio of 17.93 and a beta of 1.41. Gates Industrial Corp PLC has a 1 year low of $10.68 and a 1 year high of $19.07. 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 firm’s fifty day simple moving average is $16.93 and its 200 day simple moving average is $16.82.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The company had revenue of $885.50 million for the quarter, compared to the consensus estimate of $893.00 million. On average, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.22 EPS for the current year.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the business’s stock in a transaction dated 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 completion of the acquisition, the director now directly owns 6,000 shares in the company, valued at $100,800. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

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.