Clark Estates Inc. NY Reduces Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Clark Estates Inc. NY decreased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 7.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 219,600 shares of the company’s stock after selling 17,600 shares during the period. Gates Industrial makes up about 0.7% of Clark Estates Inc. NY’s investment portfolio, making the stock its 26th largest position. Clark Estates Inc. NY owned 0.09% of Gates Industrial worth $3,854,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in GTES. Vanguard Group Inc. grew its holdings in Gates Industrial by 17.5% during the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after purchasing an additional 2,678,954 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Gates Industrial by 67.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 61,668 shares of the company’s stock valued at $1,093,000 after buying an additional 24,946 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Gates Industrial by 33.1% in the first quarter. Public Employees Retirement System of Ohio now owns 65,879 shares of the company’s stock worth $1,167,000 after buying an additional 16,398 shares during the period. California State Teachers Retirement System raised its holdings in shares of Gates Industrial by 15.8% in the first quarter. California State Teachers Retirement System now owns 171,137 shares of the company’s stock worth $3,031,000 after buying an additional 23,291 shares during the period. Finally, Tidal Investments LLC lifted its stake in shares of Gates Industrial by 11.3% during the 1st quarter. Tidal Investments LLC now owns 53,384 shares of the company’s stock worth $945,000 after acquiring an additional 5,402 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of NYSE:GTES opened at $22.21 on Wednesday. The firm has a 50 day moving average of $18.97 and a 200 day moving average of $17.59. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 26.76 and a beta of 1.38. Gates Industrial Corp PLC has a 52 week low of $11.22 and a 52 week high of $22.31.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on GTES shares. Robert W. Baird reduced their target price on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Barclays boosted their price objective on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Evercore ISI raised their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Morgan Stanley assumed coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Finally, Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and an average price target of $20.40.

Gates Industrial 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.