FMR LLC increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 48.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,442,436 shares of the company's stock after purchasing an additional 6,383,165 shares during the quarter. FMR LLC owned 7.63% of Gates Industrial worth $399,931,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. raised its stake in shares of Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after purchasing an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Gates Industrial during the fourth quarter worth $43,000. Versant Capital Management Inc lifted its stake in Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock valued at $51,000 after acquiring an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. grew its position in shares of Gates Industrial by 38.1% in the 4th 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 period. Finally, 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. Institutional investors own 98.50% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have weighed in on the company. Evercore ISI boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research report on Wednesday, February 19th. The Goldman Sachs Group dropped their price target on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. KeyCorp decreased their price objective 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. Finally, Citigroup cut their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research note on Monday. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $22.67.
Get Our Latest Stock Analysis on GTES
Insider Buying and Selling
In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the business's stock in a transaction dated 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 purchase, the director now 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 the SEC website. 2.30% of the stock is currently owned by corporate insiders.
Gates Industrial Stock Down 0.2 %
Shares of NYSE:GTES traded down $0.04 during mid-day trading on Tuesday, hitting $17.34. 602,312 shares of the company traded hands, compared to its average volume of 2,965,193. The stock has a 50-day moving average price of $19.91 and a two-hundred day moving average price of $20.13. Gates Industrial Corp PLC has a 12-month low of $14.70 and a 12-month high of $23.85. The stock has a market cap of $4.43 billion, a P/E ratio of 23.75 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 (NYSE:GTES - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.
About Gates Industrial
(
Free Report)
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.
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