Billionaire Steve Cohen and Insiders are Buying These 5 Stocks

4. Gates Industrial Corporation PLC (NYSE:GTES)

Steve Cohen’s Stake: $284,504

Gates Industrial Corporation PLC (NYSE:GTES) is one of the stocks in the portfolio of Steve Cohen that have seen insider buying over the past few months. Neil P. Simpkins, a director at Gates Industrial Corporation PLC’s (NYSE:GTES) board, bought one million shares of Gates Industrial Corporation PLC (NYSE:GTES) at $12.20 per share on February 16. The stock has gained about 31% since then.

Diamond Hill Capital made the following comment about Gates Industrial Corporation plc (NYSE:GTES) in its Q4 2022 investor letter:

“We are familiar with Gates Industrial Corporation plc (NYSE:GTES) due to our investment via our small-mid cap portfolio and advantageously added it to our small cap portfolio. GTES manufactures and sells engineered power transmission and fluid power solutions globally. It is highly diversified in terms of its products, end markets, geographies and applications and is an innovative and scaled manufacturer in a fragmented industry. Looking forward, we believe GTES is well-positioned to capitalize on several global growth trends, including urbanization, automation and productivity, infrastructure development, and energy and efficiency. We capitalized on an attractive discount to initiate a position.”