Avior Wealth Management LLC Sells 1,679 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Avior Wealth Management LLC trimmed its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 45.9% in the third quarter, HoldingsChannel reports. The firm owned 1,982 shares of the company’s stock after selling 1,679 shares during the quarter. Avior Wealth Management LLC’s holdings in Gates Industrial were worth $35,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Gates Industrial by 17.5% in the first 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. Allspring Global Investments Holdings LLC grew its holdings in Gates Industrial by 2.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock valued at $262,011,000 after buying an additional 303,353 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Gates Industrial by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after buying an additional 1,037,741 shares during the period. LSV Asset Management lifted its holdings 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 buying an additional 686,080 shares in the last quarter. Finally, Fred Alger Management LLC boosted its position in shares of Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock valued at $42,144,000 after acquiring an additional 1,627,482 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on GTES shares. KeyCorp lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Evercore ISI raised their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. The Goldman Sachs Group upped 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. Finally, Morgan Stanley initiated coverage on Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.40.

Gates Industrial Price Performance

Shares of GTES stock opened at $22.14 on Tuesday. The business has a fifty day simple moving average of $18.87 and a 200 day simple moving average of $17.55. The company has a market cap of $5.64 billion, a P/E ratio of 26.67 and a beta of 1.38. 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 Corp PLC has a twelve month low of $11.22 and a twelve month high of $22.31.

Gates Industrial announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 31st that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management 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.