Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Clark Estates Inc. NY

Clark Estates Inc. NY lessened its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 7.4% during the 3rd quarter, Holdings Channel reports. The firm owned 219,600 shares of the company’s stock after selling 17,600 shares during the quarter. Gates Industrial comprises approximately 0.7% of Clark Estates Inc. NY’s investment portfolio, making the stock its 26th largest position. Clark Estates Inc. NY’s holdings in Gates Industrial were worth $3,854,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Gates Industrial by 17.5% during the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after buying an additional 2,678,954 shares during the last quarter. Fred Alger Management LLC lifted its position in Gates Industrial by 156.8% during the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after acquiring an additional 1,627,482 shares during the period. Jennison Associates LLC grew its stake in Gates Industrial by 45.9% during the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after purchasing an additional 1,268,407 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Gates Industrial by 6,879.6% in the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock valued at $18,670,000 after purchasing an additional 1,048,596 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock valued at $188,477,000 after purchasing an additional 1,037,741 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

GTES has been the subject of a number of research reports. Morgan Stanley assumed coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. Evercore ISI lifted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. KeyCorp raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Finally, 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 report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.40.

Gates Industrial Stock Up 0.3 %

GTES stock opened at $22.21 on Wednesday. Gates Industrial Corp PLC has a one year low of $11.22 and a one year high of $22.31. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The firm’s fifty day moving average is $18.97 and its 200 day moving average is $17.59. The firm has a market cap of $5.66 billion, a PE ratio of 26.76 and a beta of 1.38.

Gates Industrial announced that its board has initiated a share repurchase plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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.