Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) Director Fredrik J. Eliasson acquired 60,000 shares of the firm's stock in a transaction on Friday, March 7th. The shares were acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares of the company's stock, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Gates Industrial Stock Performance
Shares of Gates Industrial stock traded up $0.91 during trading on Friday, hitting $19.71. 2,478,809 shares of the stock were exchanged, compared to its average volume of 2,888,693. The stock's fifty day moving average is $20.94 and its 200 day moving average is $19.96. The stock has a market cap of $5.03 billion, a PE ratio of 26.99 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. Gates Industrial Corp PLC has a 12 month low of $15.14 and a 12 month high of $23.85.
Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 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%. As a group, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.
Hedge Funds Weigh In On Gates Industrial
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its position in shares of Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. Allspring Global Investments Holdings LLC boosted 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. Invesco Ltd. lifted its stake in Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock valued at $152,354,000 after buying an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI lifted its stake in Gates Industrial by 0.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock valued at $148,615,000 after buying an additional 21,191 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Gates Industrial by 1.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock valued at $135,145,000 after buying an additional 85,253 shares in the last quarter. Institutional investors own 98.50% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the stock. KeyCorp boosted their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Friday, February 7th. Jefferies Financial Group upped their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, December 6th. Citigroup cut their price target on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a report on Thursday, December 12th. Finally, Royal Bank of Canada increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $24.22.
Check Out Our Latest Stock Report on GTES
Gates Industrial Company Profile
(
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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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