Gates Industrial Corporation PLC $GTES Shares Bought by SG Americas Securities LLC

by · The Cerbat Gem

SG Americas Securities LLC grew its position in Gates Industrial Corporation PLC (NYSE:GTES – Free Report) by 199.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 47,848 shares of the company’s stock after acquiring an additional 31,884 shares during the quarter. SG Americas Securities LLC’s holdings in Gates Industrial were worth $1,188,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of GTES. True Wealth Design LLC boosted its stake in Gates Industrial by 133.2% during the 3rd quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock worth $29,000 after purchasing an additional 666 shares during the period. Allworth Financial LP raised its holdings in shares of Gates Industrial by 43.0% in the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after buying an additional 630 shares during the last quarter. SJS Investment Consulting Inc. raised its holdings in shares of Gates Industrial by 5,123.7% in the third quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after buying an additional 1,947 shares during the last quarter. Avanza Fonder AB boosted its stake in shares of Gates Industrial by 85.3% during the third quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock worth $61,000 after buying an additional 1,124 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Gates Industrial by 273.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company’s stock worth $67,000 after buying an additional 2,131 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total value of $505,220.76. Following the completion of the transaction, the chief financial officer owned 177,627 shares in the company, valued at $4,044,566.79. This trade represents a 11.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.70% of the stock is owned by corporate insiders.

Gates Industrial Trading Down 1.3%

NYSE:GTES opened at $22.75 on Friday. Gates Industrial Corporation PLC has a 1 year low of $14.70 and a 1 year high of $26.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.50 and a current ratio of 3.52. The stock has a fifty day moving average price of $22.09 and a two-hundred day moving average price of $23.83. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of 25.00 and a beta of 1.24.

Analysts Set New Price Targets

Several analysts have commented on the company. UBS Group reduced their price objective on Gates Industrial from $29.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, January 5th. Zacks Research cut Gates Industrial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 10th. Wells Fargo & Company started coverage on shares of Gates Industrial in a research note on Thursday, November 13th. They issued an “equal weight” rating and a $23.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their price objective on shares of Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday, December 16th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.09.

Get Our Latest Analysis on Gates Industrial

About Gates Industrial

(Free Report)

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.

Further Reading

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