Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 18.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,646 shares of the company’s stock after selling 10,049 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Gates Industrial were worth $766,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Gates Industrial by 17.5% in the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after purchasing an additional 2,678,954 shares in the last quarter. Fred Alger Management LLC boosted its stake in shares of Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock valued at $42,144,000 after buying an additional 1,627,482 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after acquiring an additional 1,048,596 shares during the period. Dimensional Fund Advisors LP raised its position in Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after acquiring an additional 1,037,741 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in Gates Industrial by 606.4% in the third quarter. New York State Common Retirement Fund now owns 948,825 shares of the company’s stock valued at $16,652,000 after acquiring an additional 814,510 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Gates Industrial stock opened at $21.29 on Wednesday. Gates Industrial Corp PLC has a 52 week low of $11.22 and a 52 week high of $21.54. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The stock has a fifty day moving average price of $18.59 and a 200 day moving average price of $17.45. The firm has a market capitalization of $5.42 billion, a P/E ratio of 25.65 and a beta of 1.38.

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

Wall Street Analysts Forecast Growth

GTES has been the topic of a number of recent analyst reports. Robert W. Baird lowered 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. Evercore ISI boosted their price objective 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. Barclays increased their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. KeyCorp boosted their price target on Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, Morgan Stanley began coverage on Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.30.

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.