Envestnet Asset Management Inc. Buys 83,011 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Envestnet Asset Management Inc. raised its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 7.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,137,082 shares of the company's stock after purchasing an additional 83,011 shares during the quarter. Envestnet Asset Management Inc. owned 0.45% of Gates Industrial worth $23,390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of GTES. Assetmark Inc. lifted its holdings in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after acquiring an additional 1,514 shares during the period. Versant Capital Management Inc raised its position in Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock worth $51,000 after acquiring an additional 1,598 shares during the period. SRS Capital Advisors Inc. boosted its stake in Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after acquiring an additional 724 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Gates Industrial by 29.0% during the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock worth $103,000 after purchasing an additional 1,130 shares during 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 purchasing an additional 5,561 shares during the period. Institutional investors own 98.50% of the company's stock.

Remove Ads

Analyst Ratings Changes

A number of research analysts have recently commented on GTES shares. 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 research report on Friday, February 7th. Evercore ISI increased their target price 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. Citigroup lowered their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research report on Monday. Barclays cut their price objective on shares of Gates Industrial from $25.00 to $22.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, KeyCorp lowered their target price on shares of Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Gates Industrial presently has an average rating of "Moderate Buy" and an average price target of $22.67.

Insider Transactions at Gates Industrial

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price 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 of the company's stock, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is currently owned by insiders.

Gates Industrial Price Performance

NYSE GTES traded down $0.12 during trading on Tuesday, reaching $17.27. The company's stock had a trading volume of 1,336,090 shares, compared to its average volume of 2,973,998. The firm has a fifty day moving average of $19.79 and a 200 day moving average of $20.11. Gates Industrial Corp PLC has a one year low of $14.70 and a one year high of $23.85. The stock has a market capitalization of $4.41 billion, a PE ratio of 23.65 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.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its 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 net margin of 5.72% and a return on equity of 9.75%. Analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

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.