Swiss National Bank Purchases 18,500 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Swiss National Bank lifted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 4.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 408,200 shares of the company’s stock after buying an additional 18,500 shares during the quarter. Swiss National Bank owned about 0.16% of Gates Industrial worth $7,164,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Thrivent Financial for Lutherans grew its position in shares of Gates Industrial by 21.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 958,417 shares of the company’s stock worth $16,820,000 after buying an additional 166,635 shares during the period. Mutual of America Capital Management LLC acquired a new stake in shares of Gates Industrial during the 3rd quarter worth approximately $597,000. Natixis Advisors LLC grew its position in shares of Gates Industrial by 25.3% during the 3rd quarter. Natixis Advisors LLC now owns 170,785 shares of the company’s stock worth $2,997,000 after buying an additional 34,461 shares during the period. Empowered Funds LLC acquired a new stake in shares of Gates Industrial during the 3rd quarter worth approximately $7,242,000. Finally, CIBC Asset Management Inc acquired a new stake in shares of Gates Industrial during the 3rd quarter worth approximately $305,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

GTES has been the subject of several recent analyst reports. 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 research report on Thursday, August 1st. Barclays lifted their price target on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. KeyCorp lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Evercore ISI lifted their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $20.40.

Gates Industrial Price Performance

GTES opened at $22.14 on Tuesday. 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 $5.64 billion, a price-to-earnings ratio of 26.67 and a beta of 1.38. The firm’s fifty day moving average price is $18.87 and its two-hundred day moving average price is $17.55. Gates Industrial Corp PLC has a 1 year low of $11.22 and a 1 year high of $22.31.

Gates Industrial announced that its board has approved a share buyback program on Wednesday, July 31st that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.