Schroder Investment Management Group acquired a new stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 137,771 shares of the company's stock, valued at approximately $2,811,000. Schroder Investment Management Group owned about 0.05% of Gates Industrial at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in Gates Industrial by 4.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock valued at $317,461,000 after buying an additional 616,687 shares during the last quarter. State Street Corp grew its holdings in Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company's stock valued at $114,485,000 after buying an additional 3,459,450 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Gates Industrial by 31.5% during the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock worth $109,038,000 after purchasing an additional 1,268,716 shares in the last quarter. GW&K Investment Management LLC lifted its position in Gates Industrial by 25.8% in the 4th quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company's stock worth $105,017,000 after buying an additional 1,047,946 shares during the last quarter. Finally, Zimmer Partners LP lifted its position in Gates Industrial by 141.2% in the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company's stock valued at $73,946,000 after purchasing an additional 2,466,543 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
GTES has been the subject of several analyst reports. The Goldman Sachs Group reduced their price target on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Evercore ISI upped their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. Royal Bank of Canada upped their target price on Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Barclays lowered their price target on Gates Industrial from $25.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday. Finally, KeyCorp decreased their price target on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a research note on Tuesday. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.00.
Check Out Our Latest Stock Analysis on GTES
Gates Industrial Price Performance
Shares of NYSE:GTES traded down $0.83 during midday trading on Thursday, reaching $17.11. 431,862 shares of the company's stock were exchanged, compared to its average volume of 2,956,020. Gates Industrial Corp PLC has a 12 month low of $14.70 and a 12 month high of $23.85. The firm has a market capitalization of $4.37 billion, a PE ratio of 23.43 and a beta of 1.24. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company's 50 day simple moving average is $20.10 and its two-hundred day simple moving average is $20.12.
Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting analysts' consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities research analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.
Insider Transactions at Gates Industrial
In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by insiders.
Gates Industrial Company Profile
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Free Report)
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.
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