Venturi Wealth Management LLC Boosts Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Venturi Wealth Management LLC increased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 35.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,079 shares of the company’s stock after acquiring an additional 814 shares during the period. Venturi Wealth Management LLC’s holdings in Gates Industrial were worth $54,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GTES. Vanguard Group Inc. grew its stake in shares of Gates Industrial by 17.5% in the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock worth $318,935,000 after acquiring an additional 2,678,954 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Gates Industrial by 2.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Gates Industrial by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after purchasing an additional 1,037,741 shares in the last quarter. LSV Asset Management increased its holdings in Gates Industrial by 19.9% during the 2nd quarter. LSV Asset Management now owns 4,137,951 shares of the company’s stock worth $65,421,000 after purchasing an additional 686,080 shares during the period. Finally, Fred Alger Management LLC raised its position in 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 in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Wilson S. Neely purchased 11,952 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were purchased at an average price of $16.80 per share, with a total value 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. This represents a -200.81 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $20.79 on Friday. The stock has a market cap of $5.29 billion, a P/E ratio of 25.04 and a beta of 1.38. Gates Industrial Corp PLC has a twelve month low of $11.22 and a twelve month high of $21.54. The stock has a 50 day moving average of $18.40 and a two-hundred day moving average of $17.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Gates Industrial declared that its board has initiated a share buyback plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GTES shares. KeyCorp upped their target price on shares of Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Morgan Stanley assumed coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective on the stock. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Robert W. Baird cut their price target 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. Finally, Barclays upped their price objective on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Gates Industrial 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.