Foundry Partners LLC Invests $4.25 Million in Gates Industrial Corp PLC (NYSE:GTES)

Foundry Partners LLC purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 241,980 shares of the company’s stock, valued at approximately $4,247,000. Foundry Partners LLC owned approximately 0.09% of Gates Industrial as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in GTES. Headlands Technologies LLC grew its stake in Gates Industrial by 341.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after buying an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC increased its position in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Gates Industrial during the third quarter worth $67,000. GAMMA Investing LLC grew its holdings in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after purchasing an additional 2,998 shares during the period. Finally, Covestor Ltd grew its holdings in Gates Industrial by 26.3% in the third 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. 98.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. KeyCorp raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday. Barclays increased 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. Morgan Stanley assumed coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective on the stock. The Goldman Sachs Group boosted their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their target price for the company 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 assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.40.

Gates Industrial Trading Up 1.4 %

GTES stock opened at $21.39 on Friday. The firm has a market cap of $5.45 billion, a P/E ratio of 25.77 and a beta of 1.38. Gates Industrial Corp PLC has a 1-year low of $11.22 and a 1-year high of $21.54. The business’s 50 day moving average is $18.68 and its 200-day moving average is $17.47. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Gates Industrial announced that its board has authorized a share repurchase program on Wednesday, July 31st that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.