CIBC Asset Management Inc Makes New Investment in Gates Industrial Corp PLC (NYSE:GTES)

CIBC Asset Management Inc bought a new stake in Gates Industrial Corp PLC (NYSE:GTES) in the third quarter, Holdings Channel.com reports. The firm bought 17,374 shares of the company’s stock, valued at approximately $305,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of GTES. Headlands Technologies LLC grew its stake in Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after acquiring an additional 1,320 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of Gates Industrial by 35.9% during the 3rd 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 stake in shares of Gates Industrial in the third quarter valued at approximately $67,000. GAMMA Investing LLC increased its holdings in shares of Gates Industrial by 333.9% in 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 last quarter. Finally, Covestor Ltd lifted its position in Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after buying an additional 1,001 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on GTES shares. Barclays raised their target price on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. KeyCorp lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Evercore ISI lifted their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Finally, The Goldman Sachs Group increased their price objective on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial has an average rating of “Moderate Buy” and an average price target of $20.40.

Gates Industrial Trading Up 1.4 %

Shares of Gates Industrial stock opened at $21.39 on Friday. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The company has a fifty day simple moving average of $18.68 and a 200-day simple moving average of $17.47. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of 25.77 and a beta of 1.38. Gates Industrial Corp PLC has a 12-month low of $11.22 and a 12-month high of $21.54.

Gates Industrial announced that its board has authorized a stock buyback plan on Wednesday, July 31st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are 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.