$GTES.US Ranked Positive On March 4th, 2024

Smart Insider $GTES.US Ranked Positive On March 4th, 2024

$GTES.US Ranked Positive On March 4th, 2024

Gates Industrial Corp (GTES US, +1, 04-Mar-24)

The CEO, CB, and two directors bought a total of $13.7m of stock during February. $12.9m of the purchases were bought as part of a placing of 24m shares by Blackstone at $12.20 on the 16th of February. Blackstone continues to hold 72m shares, 27% of the company, after the placing. 

On that secondary, Neil Simpkins (Chair since 2020, joined 2017) purchased $12.2m of stock in his first-ever purchase in the company, he is an Executive Advisor to Blackstone (and was previously a Senior Managing Director at Blackstone). 

Also on the offering, Ivo Jurek (CEO since 2018) purchased $250,000 of stock in his first purchase since 2020, and Fredrik Eliasson (Non-Executive since 2022) bought $500,000. The company also repurchased $50m of stock in the placing. 

In addition, just after the offering,¬†Wilson Neely¬†(Non Executive since 2020) purchased $860,000 of stock at¬†$14.33 in his largest purchase. While Blackstone’s sale of 17.5m shares (with an option of a further 2.625m shares) is¬†notable (they had 178m as of April 2023), it could be motivated by various factors. The strong support by insiders is¬†encouraging.¬†

We are ranking the stock +1.

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