Crossmark Global Holdings Inc. Buys 3,459 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Crossmark Global Holdings Inc. boosted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 7.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 53,079 shares of the company’s stock after purchasing an additional 3,459 shares during the period. Crossmark Global Holdings Inc.’s holdings in Gates Industrial were worth $931,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Swiss National Bank raised its stake in shares of Gates Industrial by 18.4% during the first quarter. Swiss National Bank now owns 339,000 shares of the company’s stock valued at $6,004,000 after acquiring an additional 52,800 shares in the last quarter. Park Avenue Securities LLC increased its holdings in Gates Industrial by 172.6% during the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock worth $1,043,000 after purchasing an additional 41,762 shares during the period. First Hawaiian Bank bought a new stake in Gates Industrial during the 2nd quarter valued at $520,000. GAMMA Investing LLC lifted its holdings in shares of Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after buying an additional 2,998 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of Gates Industrial by 799.6% during the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock valued at $585,000 after buying an additional 29,394 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Gates Industrial

In other news, Director Wilson S. Neely purchased 11,952 shares of the company’s stock in a transaction 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 $100,800. This trade represents a -200.81 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Gates Industrial Stock Performance

GTES opened at $20.74 on Friday. The firm’s 50-day moving average price is $18.31 and its 200-day moving average price is $17.35. The company has a market cap of $5.28 billion, a P/E ratio of 24.99 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 52-week low of $11.22 and a 52-week high of $21.54.

Gates Industrial declared that its Board of Directors has authorized a stock buyback program on Wednesday, July 31st that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

GTES has been the subject of a number of research reports. Robert W. Baird lowered their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $22.00 in a research note on Monday, August 19th. KeyCorp boosted their price objective on shares of Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Evercore ISI increased 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. Finally, Morgan Stanley began coverage on Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target for the company. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.30.

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.