2 weeks Ago By Defense World Staff
Brandes Investment Partners LP grew its position in Gates Industrial Corp PLC ( NYSE:GTES – Free Report ) by 19.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,054,854 shares of the company’s stock after acquiring an additional 333,894 shares during the quarter.
Brandes Investment Partners LP owned 0.79% of Gates Industrial worth $32,482,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Several other hedge funds have also modified their holdings of GTES.
Swiss National Bank lifted its holdings in shares of Gates Industrial by 18.4% in the 1st quarter. Swiss National Bank now owns 339,000 shares of the company’s stock valued at $6,004,000 after acquiring an additional 52,800 shares during the last quarter.
Park Avenue Securities LLC boosted its holdings in shares of Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock worth $1,043,000 after purchasing an additional 41,762 shares during the period.
First Hawaiian Bank bought a new position in shares of Gates Industrial during the 2nd quarter valued at approximately $520,000. Jennison Associates LLC purchased a new stake in Gates Industrial during the 1st quarter valued at $15,791,000. Finally, Acadian Asset Management LLC raised its holdings in Gates Industrial by 799.
6% during the 1st 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. 98.
50% of the stock is owned by hedge funds and other institutional investors. Insiders Place Their Bets In related news, Director Wilson S. Neely bought 11,952 shares of the stock in a transaction that occurred on 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 purchase, the director now directly owns 6,000 shares of the company’s stock, valued at $100,800. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink . Corporate insiders own 2.
30% of the company’s stock. Gates Industrial Trading Up 0.8 % Gates Industrial ( NYSE:GTES – Get Free Report ) last issued its quarterly earnings data on Wednesday, July 31st.
The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.
01. The company 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%. Equities analysts anticipate that Gates Industrial Corp PLC will post 1.24 EPS for the current fiscal year.
Gates Industrial announced that its board has approved a stock buyback program on Wednesday, July 31st that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 5.
4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued. Analyst Ratings Changes Several equities research analysts have recently weighed in on the stock.
Barclays reduced their target price on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th.
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 research note on Monday, August 19th.
Evercore ISI increased their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th.
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 price target for the company.
Finally, Robert W. Baird reduced their target price on Gates Industrial from $26.00 to $22.
00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Gates Industrial presently has an average rating of “Moderate Buy” and a consensus target price of $19.
40. View Our Latest Analysis on GTES Gates Industrial Company Profile ( Free Report ) 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.
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