Arrowstreet Capital Limited Partnership Takes $2.94 Million Position in Gates Industrial Corp PLC (NYSE:GTES)

Arrowstreet Capital Limited Partnership acquired a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 143,028 shares of the company's stock, valued at approximately $2,942,000. Arrowstreet Capital Limited Partnership owned approximately 0.06% of Gates Industrial as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Assetmark Inc. grew its position in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after purchasing an additional 1,514 shares during the period. Versant Capital Management Inc grew its holdings in shares of Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock valued at $51,000 after buying an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. grew its holdings in shares of Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after buying an additional 724 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Gates Industrial by 29.0% during the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock worth $103,000 after acquiring an additional 1,130 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in shares of Gates Industrial by 180.6% in the 4th quarter. Venturi Wealth Management LLC now owns 8,640 shares of the company's stock worth $178,000 after acquiring an additional 5,561 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

A number of equities analysts have issued reports on GTES shares. Citigroup cut their price target on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research note on Monday. Royal Bank of Canada increased their price target on Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Evercore ISI lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research report on Wednesday, February 19th. Barclays dropped 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, April 10th. Finally, KeyCorp dropped their price target on shares of Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.67.

Gates Industrial Price Performance

Shares of GTES traded up $0.32 during trading hours on Tuesday, reaching $17.70. 159,720 shares of the company's stock traded hands, compared to its average volume of 2,963,393. The firm's 50 day simple moving average is $19.91 and its 200-day simple moving average is $20.13. The stock has a market cap of $4.52 billion, a PE ratio of 24.20 and a beta of 1.24. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 12 month low of $14.70 and a 12 month high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting analysts' consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Equities analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insider Activity at Gates Industrial

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by insiders.

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.