AXQ Capital LP Takes Position in Gates Industrial Corp PLC (NYSE:GTES)

AXQ Capital LP purchased 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 disclosure with the Securities & Exchange Commission. The fund purchased 31,128 shares of the company's stock, valued at approximately $640,000.

Other large investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in Gates Industrial by 4.1% during 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 purchasing an additional 616,687 shares in the last quarter. FMR LLC increased its stake in shares of Gates Industrial by 4.5% during the third quarter. FMR LLC now owns 13,059,271 shares of the company's stock valued at $229,190,000 after buying an additional 562,643 shares during the period. State Street Corp increased its stake in shares of Gates Industrial by 112.9% during the third 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 during the period. Jennison Associates LLC raised its holdings in shares of Gates Industrial by 31.5% in the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock valued at $109,038,000 after acquiring an additional 1,268,716 shares in the last quarter. Finally, GW&K Investment Management LLC lifted its stake in Gates Industrial by 25.8% in the fourth quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company's stock worth $105,017,000 after acquiring an additional 1,047,946 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms have recently commented on GTES. KeyCorp boosted their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Friday, February 7th. Barclays cut their price target on Gates Industrial from $26.00 to $25.00 and set an "overweight" rating on the stock in a report on Wednesday. Evercore ISI raised their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. Citigroup decreased their price target on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Finally, Royal Bank of Canada increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Gates Industrial currently has a consensus rating of "Moderate Buy" and an average target price of $24.00.

Gates Industrial Stock Performance

NYSE:GTES traded down $0.34 during trading hours on Thursday, hitting $19.41. 2,146,763 shares of the company were exchanged, compared to its average volume of 2,819,438. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. Gates Industrial Corp PLC has a 52-week low of $15.14 and a 52-week high of $23.85. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of 26.59 and a beta of 1.33. The company's 50 day moving average price is $20.81 and its 200-day moving average price is $20.11.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data 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 net margin of 5.72% and a return on equity of 9.75%. As a group, research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Activity

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the business's stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares of the company's stock, valued at $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.30% of the company's stock.

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.