Rep. Josh Gottheimer Buys Gates Industrial Corp PLC (NYSE:GTES) Shares

Representative Josh Gottheimer (D-New Jersey) recently bought shares of Gates Industrial Corp PLC (NYSE:GTES). In a filing disclosed on November 06th, the Representative disclosed that they had bought between $1,001 and $15,000 in Gates Industrial stock on October 31st. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Texas Capital Bancshares (NASDAQ:TCBI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ITT (NYSE:ITT) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of Stifel Financial (NYSE:SF) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ICU Medical (NASDAQ:ICUI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of AppFolio (NASDAQ:APPF) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/29/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Enerpac Tool Group (NYSE:EPAC) on 10/25/2024.
• Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/25/2024.

Gates Industrial Price Performance

Shares of GTES opened at $21.26 on Friday. 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 company has a 50 day moving average price of $17.96 and a 200-day moving average price of $17.24. Gates Industrial Corp PLC has a fifty-two week low of $11.14 and a fifty-two week high of $21.54. The stock has a market capitalization of $5.42 billion, a PE ratio of 25.61 and a beta of 1.38.

Gates Industrial announced that its board has approved a stock repurchase plan on Wednesday, July 31st that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Wilson S. Neely acquired 11,952 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average price of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now directly owns 6,000 shares in the company, valued at $100,800. This represents a -200.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on GTES. 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 report on Thursday, August 1st. KeyCorp raised their price objective on Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Evercore ISI raised their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, The Goldman Sachs Group boosted 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. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTES. Headlands Technologies LLC raised its position in Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after buying an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in shares of 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 purchasing an additional 814 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Gates Industrial during the third quarter worth $67,000. GAMMA Investing LLC lifted its position in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares during the period. Finally, Covestor Ltd grew its position in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after purchasing an additional 1,001 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer’s career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer’s committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

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.