Leeward Investments LLC MA Has $23.50 Million Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Leeward Investments LLC MA lifted its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 8.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,338,942 shares of the company’s stock after acquiring an additional 107,035 shares during the quarter. Gates Industrial accounts for approximately 1.1% of Leeward Investments LLC MA’s holdings, making the stock its 24th largest position. Leeward Investments LLC MA’s holdings in Gates Industrial were worth $23,498,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Amalgamated Bank increased its position in shares of Gates Industrial by 93.5% in the third quarter. Amalgamated Bank now owns 69,664 shares of the company’s stock worth $1,223,000 after purchasing an additional 33,668 shares during the period. QRG Capital Management Inc. acquired a new position in shares of Gates Industrial during the 3rd quarter worth $609,000. Fort L.P. boosted its stake in Gates Industrial by 9.3% in the third quarter. Fort L.P. now owns 14,423 shares of the company’s stock valued at $253,000 after buying an additional 1,222 shares in the last quarter. New York State Common Retirement Fund grew its position in Gates Industrial by 606.4% in the third quarter. New York State Common Retirement Fund now owns 948,825 shares of the company’s stock valued at $16,652,000 after acquiring an additional 814,510 shares during the last quarter. Finally, New York State Teachers Retirement System raised its stake in Gates Industrial by 463.0% during the third quarter. New York State Teachers Retirement System now owns 95,223 shares of the company’s stock worth $1,671,000 after acquiring an additional 78,310 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Transactions at Gates Industrial

In related news, Director Wilson S. Neely acquired 11,952 shares of the stock in a transaction on Wednesday, August 21st. The shares were acquired at an average price of $16.80 per share, with a total value of $200,793.60. Following the completion of the transaction, the director now owns 6,000 shares in the company, valued at approximately $100,800. The trade was a -200.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on GTES shares. Morgan Stanley assumed coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. Robert W. Baird cut their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. KeyCorp boosted their price objective on Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, Evercore ISI increased their target price on 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 analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.30.

Gates Industrial Stock Performance

NYSE GTES opened at $21.35 on Thursday. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The company has a fifty day simple moving average of $17.89 and a 200 day simple moving average of $17.21. Gates Industrial Corp PLC has a 12-month low of $11.11 and a 12-month high of $21.52. The company has a market cap of $5.44 billion, a P/E ratio of 25.72 and a beta of 1.38.

Gates Industrial declared that its board has authorized a stock repurchase program on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs 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.