Gates Industrial Corp PLC (NYSE:GTES) Shares Purchased by Channing Capital Management LLC

Channing Capital Management LLC increased its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 6.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,146,803 shares of the company's stock after purchasing an additional 238,676 shares during the quarter. Gates Industrial makes up approximately 2.3% of Channing Capital Management LLC's portfolio, making the stock its 13th biggest holding. Channing Capital Management LLC owned 1.63% of Gates Industrial worth $85,300,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GTES. Allspring Global Investments Holdings LLC grew its position in shares of 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 boosted its holdings 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 worth $229,190,000 after purchasing an additional 562,643 shares during the period. State Street Corp boosted its holdings in Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company's stock valued at $114,485,000 after acquiring an additional 3,459,450 shares in the last quarter. Jennison Associates LLC boosted its position in Gates Industrial by 31.5% during the 4th 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 grew its position in shares of 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 period. Institutional investors own 98.50% of the company's stock.

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Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by insiders.

Gates Industrial Price Performance

Shares of Gates Industrial stock traded up $0.91 on Friday, hitting $19.71. 2,478,809 shares of the company were exchanged, compared to its average volume of 2,901,631. The stock has a market capitalization of $5.03 billion, a price-to-earnings ratio of 26.99 and a beta of 1.33. The company has a 50-day moving average price of $20.94 and a 200 day moving average price of $19.96. Gates Industrial Corp PLC has a 1-year low of $15.14 and a 1-year high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) 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%. As a group, sell-side analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of research analyst reports. Royal Bank of Canada upped their price target on Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Friday, February 7th. KeyCorp upped their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Barclays cut their target price on shares of Gates Industrial from $27.00 to $26.00 and set an "overweight" rating for the company in a research note on Monday. 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 note on Wednesday, February 19th. Finally, Jefferies Financial Group increased their price target on Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, December 6th. 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.22.

About Gates Industrial

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.