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

Summit Trail Advisors LLC lessened its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Park Avenue Securities LLC raised its holdings in Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock valued at $1,043,000 after buying an additional 41,762 shares during the last quarter. First Hawaiian Bank bought a new position in Gates Industrial in the 2nd quarter valued at approximately $520,000. GAMMA Investing LLC raised its holdings in Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after buying an additional 2,998 shares during the last quarter. Castleark Management LLC bought a new position in Gates Industrial in the 1st quarter valued at approximately $2,761,000. Finally, Vanguard Group Inc. raised its holdings in Gates Industrial by 17.5% in the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after buying an additional 2,678,954 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

GTES has been the subject of a number of research reports. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Robert W. Baird decreased their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $20.00 to $22.00 in a research report on Monday, August 19th. KeyCorp increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Evercore ISI increased their target price 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. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $20.40.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.21 on Wednesday. The company has a market cap of $5.66 billion, a price-to-earnings ratio of 26.76 and a beta of 1.38. Gates Industrial Corp PLC has a 52 week low of $11.22 and a 52 week high of $22.31. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The firm has a 50 day moving average of $18.97 and a 200-day moving average of $17.59.

Gates Industrial announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 31st that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Gates Industrial Company 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.