Summit Trail Advisors LLC Sells 989 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Summit Trail Advisors LLC reduced its position in Gates Industrial Corp PLC (NYSE:GTES) by 4.0% during the third quarter, Holdings Channel.com reports. The firm owned 23,522 shares of the company’s stock after selling 989 shares during the quarter. Summit Trail Advisors LLC’s holdings in Gates Industrial were worth $413,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Park Avenue Securities LLC lifted its holdings in shares of Gates Industrial by 172.6% in 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 in the last quarter. First Hawaiian Bank bought a new position in shares of Gates Industrial in the 2nd quarter worth $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 purchasing an additional 2,998 shares in the last quarter. Castleark Management LLC bought a new position in shares of Gates Industrial in the 1st quarter worth $2,761,000. Finally, Vanguard Group Inc. lifted its stake in Gates Industrial by 17.5% during the 1st 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. 98.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GTES has been the topic of several recent analyst reports. Evercore ISI raised their price objective on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $22.00 in a research note on Monday, August 19th. The Goldman Sachs Group raised their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Morgan Stanley initiated coverage on Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective on the stock. Finally, Barclays raised their price objective on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.40.

Gates Industrial Trading Up 0.3 %

NYSE GTES opened at $22.21 on Wednesday. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of 26.76 and a beta of 1.38. Gates Industrial Corp PLC has a one year low of $11.22 and a one year high of $22.31. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The business’s fifty day moving average is $18.97 and its 200-day moving average is $17.59.

Gates Industrial announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 31st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are often 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.