79,143 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by Cinctive Capital Management LP

Cinctive Capital Management LP purchased a new stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 79,143 shares of the company's stock, valued at approximately $1,628,000.

Other hedge funds have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Gates Industrial by 15.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,197 shares of the company's stock worth $735,000 after acquiring an additional 5,643 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Gates Industrial by 91.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 563,407 shares of the company's stock worth $9,888,000 after purchasing an additional 268,484 shares during the last quarter. Benjamin Edwards Inc. grew its position in Gates Industrial by 69.1% in the 3rd quarter. Benjamin Edwards Inc. now owns 30,558 shares of the company's stock worth $536,000 after purchasing an additional 12,482 shares in the last quarter. HighTower Advisors LLC purchased a new stake in Gates Industrial in the 3rd quarter valued at about $179,000. Finally, Maven Securities LTD lifted its position in shares of Gates Industrial by 41.7% during the 3rd quarter. Maven Securities LTD now owns 17,000 shares of the company's stock worth $298,000 after buying an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Stock Performance

Shares of GTES traded up $2.38 during trading hours on Wednesday, hitting $17.94. The company's stock had a trading volume of 5,819,855 shares, compared to its average volume of 2,965,906. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 24.58 and a beta of 1.24. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The business has a 50 day simple moving average of $20.10 and a two-hundred day simple moving average of $20.12. Gates Industrial Corp PLC has a 52-week low of $14.70 and a 52-week high of $23.85.

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Gates Industrial (NYSE:GTES - Get Free Report) last released 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%. On average, equities analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Citigroup reduced their target price on Gates Industrial from $27.00 to $24.00 and set a "buy" rating for the company in a report on Monday, January 13th. Barclays reduced their price objective on Gates Industrial from $26.00 to $25.00 and set an "overweight" rating for the company in a research note on Wednesday, March 26th. Evercore ISI raised their target price 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. KeyCorp cut their price target on shares of Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a report on Tuesday. Finally, The Goldman Sachs Group reduced their price target on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Gates Industrial currently has an average rating of "Moderate Buy" and a consensus price target of $23.33.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the stock in a transaction dated Friday, March 7th. The shares were 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 owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Gates Industrial 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.