Impax Asset Management Group plc Sells 195,000 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Impax Asset Management Group plc lowered its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 38.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 317,713 shares of the company’s stock after selling 195,000 shares during the quarter. Impax Asset Management Group plc’s holdings in Gates Industrial were worth $5,576,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position 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 worth $318,935,000 after purchasing an additional 2,678,954 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Gates Industrial by 2.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Gates Industrial by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after purchasing an additional 1,037,741 shares during the period. LSV Asset Management raised its position in shares of Gates Industrial by 19.9% during the second quarter. LSV Asset Management now owns 4,137,951 shares of the company’s stock worth $65,421,000 after purchasing an additional 686,080 shares during the period. Finally, Fred Alger Management LLC raised its position in shares of Gates Industrial by 156.8% during the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after purchasing an additional 1,627,482 shares during the period. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Up 0.2 %

NYSE:GTES opened at $20.79 on Friday. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 25.04 and a beta of 1.38. Gates Industrial Corp PLC has a twelve month low of $11.22 and a twelve month high of $21.54. The stock’s 50 day moving average price is $18.40 and its two-hundred day moving average price is $17.38. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.

Gates Industrial declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

GTES has been the topic of a number of research analyst reports. Barclays raised their price target on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. KeyCorp lifted their target price on Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Evercore ISI lifted 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. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Finally, The Goldman Sachs Group lifted their target price on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average target price of $20.30.

Insiders Place Their Bets

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the purchase, the director now owns 6,000 shares in the company, valued at approximately $100,800. The trade was a -200.81 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

About Gates Industrial

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.