Seizert Capital Partners LLC Sells 1,717 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Seizert Capital Partners LLC cut its stake in Gates Industrial Corp PLC (NYSE:GTES) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 184,652 shares of the company’s stock after selling 1,717 shares during the quarter. Seizert Capital Partners LLC owned about 0.07% of Gates Industrial worth $3,241,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Swiss National Bank grew its stake in Gates Industrial by 18.4% in the first quarter. Swiss National Bank now owns 339,000 shares of the company’s stock valued at $6,004,000 after purchasing an additional 52,800 shares during the last quarter. US Bancorp DE raised its stake in shares of Gates Industrial by 45.5% during the 1st quarter. US Bancorp DE now owns 59,116 shares of the company’s stock worth $1,047,000 after acquiring an additional 18,495 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in Gates Industrial by 31.8% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 21,660 shares of the company’s stock valued at $384,000 after acquiring an additional 5,223 shares during the last quarter. Vanguard Group Inc. boosted its stake in 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 acquiring an additional 2,678,954 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in Gates Industrial by 799.6% in the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock worth $585,000 after purchasing an additional 29,394 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GTES has been the subject of several analyst reports. The Goldman Sachs Group increased their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. KeyCorp boosted their price target on Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. 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 started 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 on the stock. Finally, Evercore ISI lifted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.30.

Insiders Place Their Bets

In related news, Director Wilson S. Neely acquired 11,952 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were acquired at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the acquisition, the director now directly owns 6,000 shares in the company, valued at approximately $100,800. This trade represents a -200.81 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is currently owned by company insiders.

Gates Industrial Stock Performance

Shares of NYSE GTES opened at $20.78 on Friday. The company’s fifty day moving average price is $18.40 and its 200 day moving average price is $17.37. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. Gates Industrial Corp PLC has a 1 year low of $11.22 and a 1 year high of $21.54. The company has a market capitalization of $5.29 billion, a PE ratio of 25.04 and a beta of 1.38.

Gates Industrial declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.