Impax Asset Management Group plc Has $5.58 Million Stake in Gates Industrial Corp PLC (NYSE:GTES)

Impax Asset Management Group plc trimmed its position in Gates Industrial Corp PLC (NYSE:GTES) by 38.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 317,713 shares of the company’s stock after selling 195,000 shares during the quarter. Impax Asset Management Group plc owned 0.12% of Gates Industrial worth $5,576,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Headlands Technologies LLC raised its stake in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after purchasing an additional 1,320 shares in the last quarter. Venturi Wealth Management LLC raised its stake in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after acquiring an additional 814 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in Gates Industrial during the third quarter worth $67,000. GAMMA Investing LLC raised its stake in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares in the last quarter. Finally, Covestor Ltd raised its stake in Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after acquiring an additional 1,001 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Price Performance

Gates Industrial stock opened at $20.79 on Friday. The business’s 50-day simple moving average is $18.40 and its 200 day simple moving average is $17.38. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of 25.04 and a beta of 1.38. Gates Industrial Corp PLC has a 12-month low of $11.22 and a 12-month high of $21.54. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.

Gates Industrial declared that its Board of Directors has initiated a share buyback program on Wednesday, July 31st that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Gates Industrial

In related news, Director Wilson S. Neely bought 11,952 shares of Gates Industrial stock in a transaction on Wednesday, August 21st. The shares were purchased at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the acquisition, the director now owns 6,000 shares in the company, valued at approximately $100,800. This represents a -200.81 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on GTES shares. Evercore ISI increased their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. The Goldman Sachs Group increased their price objective on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Robert W. Baird lowered their target price on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, KeyCorp raised their target price on Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Four 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, the stock has a consensus rating of “Moderate Buy” and an average 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.