De Lisle Partners LLP Acquires 26,000 Shares of Gates Industrial Corp PLC (NYSE:GTES)

De Lisle Partners LLP raised its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 32.3% during the third quarter, Holdings Channel.com reports. The fund owned 106,388 shares of the company’s stock after purchasing an additional 26,000 shares during the period. De Lisle Partners LLP’s holdings in Gates Industrial were worth $1,867,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of GTES. Fred Alger Management LLC lifted its stake in shares of 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 purchasing an additional 1,627,482 shares during the period. Jennison Associates LLC increased its holdings in Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after purchasing an additional 1,268,407 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Gates Industrial by 6,879.6% in the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock valued at $18,670,000 after buying an additional 1,048,596 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Gates Industrial by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after buying an additional 1,037,741 shares during the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of Gates Industrial by 606.4% during the 3rd quarter. New York State Common Retirement Fund now owns 948,825 shares of the company’s stock worth $16,652,000 after buying an additional 814,510 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Performance

GTES opened at $22.12 on Thursday. 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 company has a market capitalization of $5.63 billion, a price-to-earnings ratio of 26.76 and a beta of 1.38. The business’s 50-day moving average price is $19.07 and its two-hundred day moving average price is $17.63. Gates Industrial Corp PLC has a 1 year low of $11.22 and a 1 year high of $22.43.

Gates Industrial announced that its board has initiated a share buyback plan on Wednesday, July 31st that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GTES shares. The Goldman Sachs Group increased their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Evercore ISI increased their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $20.00 to $22.00 in a report on Monday, August 19th. Morgan Stanley started coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. Finally, KeyCorp lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.40.

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.