Allspring Global Investments Holdings LLC grew its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 2.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,929,377 shares of the company's stock after purchasing an additional 303,353 shares during the quarter. Allspring Global Investments Holdings LLC owned 5.71% of Gates Industrial worth $262,011,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Headlands Technologies LLC lifted its stake in Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock worth $27,000 after acquiring an additional 1,320 shares during the last quarter. GAMMA Investing LLC lifted its stake in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock worth $68,000 after acquiring an additional 2,998 shares during the last quarter. Point72 DIFC Ltd purchased a new position in Gates Industrial in the second quarter worth approximately $142,000. Levin Capital Strategies L.P. purchased a new position in Gates Industrial in the second quarter worth approximately $158,000. Finally, MQS Management LLC purchased a new position in Gates Industrial in the second quarter worth approximately $168,000. Hedge funds and other institutional investors own 98.50% of the company's stock.
In related news, Director Wilson S. Neely bought 11,952 shares of the firm's stock in a transaction on Wednesday, August 21st. The shares were bought at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the transaction, the director now owns 6,000 shares of the company's stock, valued at approximately $100,800. This trade represents a -200.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.30% of the company's stock.
GTES has been the subject of a number of recent research reports. Evercore ISI lifted their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research note on Monday, August 19th. Robert W. Baird cut their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a 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 stock from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Finally, Morgan Stanley initiated coverage on shares of Gates Industrial in a report on Friday, September 6th. They set an "equal weight" rating and a $19.00 price objective on the stock. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $19.40.
Check Out Our Latest Stock Report on GTES
Shares of Gates Industrial stock traded up $0.33 during trading on Friday, reaching $18.67. The company's stock had a trading volume of 2,593,038 shares, compared to its average volume of 2,982,122. 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 has a market cap of $4.88 billion, a PE ratio of 20.52 and a beta of 1.40. The company has a 50-day moving average price of $17.44 and a two-hundred day moving average price of $17.05. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $19.07.
Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $885.50 million for the quarter, compared to analysts' expectations of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. On average, analysts forecast that Gates Industrial Corp PLC will post 1.24 EPS for the current year.
Gates Industrial announced that its board has approved a stock repurchase program on Wednesday, July 31st that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Gates Industrial, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Gates Industrial wasn't on the list.
While Gates Industrial currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.