Foundry Partners LLC Invests $4.25 Million in Gates Industrial Corp PLC (NYSE:GTES)

Foundry Partners LLC purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 241,980 shares of the company’s stock, valued at approximately $4,247,000.

Several other institutional investors and hedge funds also recently modified their holdings of GTES. Park Avenue Securities LLC grew its holdings in Gates Industrial by 172.6% during the second quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock valued at $1,043,000 after purchasing an additional 41,762 shares during the last quarter. First Hawaiian Bank acquired a new position in Gates Industrial in the 2nd quarter valued at $520,000. GAMMA Investing LLC lifted its position in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after buying an additional 2,998 shares during the last quarter. Acadian Asset Management LLC raised its position in Gates Industrial by 799.6% in the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock valued at $585,000 after purchasing an additional 29,394 shares during the last quarter. Finally, Castleark Management LLC bought a new stake in Gates Industrial in the first quarter valued at approximately $2,761,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Robert W. Baird cut their price objective 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. Barclays raised their price target on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Evercore ISI boosted their price objective on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. KeyCorp increased their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, 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 on the stock. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.40.

Gates Industrial Trading Up 1.4 %

NYSE:GTES opened at $21.39 on Friday. Gates Industrial Corp PLC has a 52 week low of $11.22 and a 52 week high of $21.54. The firm has a market cap of $5.45 billion, a P/E ratio of 25.77 and a beta of 1.38. The firm’s fifty day moving average is $18.68 and its 200-day moving average is $17.47. 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 approved a share buyback plan on Wednesday, July 31st that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is 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.