Gates Industrial Corp PLC (NYSE:GTES)’s share price shot up 8.3% on Wednesday following insider buying activity. The company traded as high as $15.59 and last traded at $15.50. 645,385 shares changed hands during trading, an increase of 21% from the average session volume of 531,996 shares. The stock had previously closed at $14.31.
Specifically, insider Ivo Jurek purchased 5,000 shares of the stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average cost of $14.50 per share, with a total value of $72,500.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.
A number of research firms have recently weighed in on GTES. Zacks Investment Research cut shares of Gates Industrial from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. Morgan Stanley lowered their price target on shares of Gates Industrial from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, August 2nd. Royal Bank of Canada reaffirmed a “buy” rating and set a $21.00 price target on shares of Gates Industrial in a research note on Thursday, August 2nd. Finally, Citigroup lowered their price target on shares of Gates Industrial from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, November 2nd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $20.44.
Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew its stake in Gates Industrial by 15.8% in the 2nd quarter. BlackRock Inc. now owns 2,877,315 shares of the company’s stock valued at $46,811,000 after acquiring an additional 392,076 shares during the last quarter. First Manhattan Co. acquired a new stake in Gates Industrial in the 2nd quarter valued at about $4,307,000. Wells Fargo & Company MN acquired a new stake in Gates Industrial in the 1st quarter valued at about $1,503,000. Rhumbline Advisers grew its stake in Gates Industrial by 16.7% in the 2nd quarter. Rhumbline Advisers now owns 38,852 shares of the company’s stock valued at $632,000 after acquiring an additional 5,559 shares during the last quarter. Finally, Peregrine Capital Management LLC grew its stake in Gates Industrial by 2.7% in the 3rd quarter. Peregrine Capital Management LLC now owns 1,214,145 shares of the company’s stock valued at $23,676,000 after acquiring an additional 32,200 shares during the last quarter.
TRADEMARK VIOLATION NOTICE: This news story was first reported by WKRB News and is the property of of WKRB News. If you are accessing this news story on another publication, it was copied illegally and reposted in violation of U.S. and international trademark and copyright laws. The legal version of this news story can be read at https://www.wkrb13.com/2018/11/07/gates-industrial-gtes-shares-up-8-3-on-insider-buying-activity.html.
About Gates Industrial (NYSE:GTES)
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.
See Also: What is a capital gain?
Receive News & Ratings for Gates Industrial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gates Industrial and related companies with MarketBeat.com's FREE daily email newsletter.