69,282 Shares in Gates Industrial Corp PLC (NYSE:GTES) Bought by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd purchased a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) during the third quarter, HoldingsChannel reports. The fund purchased 69,282 shares of the company’s stock, valued at approximately $1,216,000.

Several other institutional investors have also bought and sold shares of GTES. Park Avenue Securities LLC increased 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 buying an additional 41,762 shares during the last quarter. First Hawaiian Bank bought a new stake in Gates Industrial during the second quarter worth approximately $520,000. GAMMA Investing LLC raised its position in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares during the period. Castleark Management LLC bought a new stake in shares of Gates Industrial in the 1st quarter valued at approximately $2,761,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Gates Industrial by 17.5% in the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock worth $318,935,000 after purchasing an additional 2,678,954 shares during the period. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Up 0.3 %

Shares of NYSE GTES opened at $22.21 on Wednesday. Gates Industrial Corp PLC has a 52-week low of $11.22 and a 52-week high of $22.31. The firm has a market capitalization of $5.66 billion, a price-to-earnings ratio of 26.76 and a beta of 1.38. The stock has a 50 day moving average price of $18.97 and a 200 day moving average price of $17.59. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

Gates Industrial announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 31st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GTES shares. Robert W. Baird decreased their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Barclays raised their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. 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 target on the stock. KeyCorp raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Finally, Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus price target of $20.40.

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.