LPL Financial LLC Boosts Holdings in Gates Industrial Corp PLC (NYSE:GTES)

LPL Financial LLC lifted its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 12.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 154,916 shares of the company's stock after purchasing an additional 17,419 shares during the period. LPL Financial LLC owned 0.06% of Gates Industrial worth $3,187,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in Gates Industrial by 4.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock worth $317,461,000 after buying an additional 616,687 shares during the period. State Street Corp raised its position in shares of Gates Industrial by 112.9% in the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company's stock worth $114,485,000 after acquiring an additional 3,459,450 shares in the last quarter. Jennison Associates LLC raised its position in shares of Gates Industrial by 31.5% in the 4th quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock worth $109,038,000 after acquiring an additional 1,268,716 shares in the last quarter. GW&K Investment Management LLC lifted its stake 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 valued at $105,017,000 after purchasing an additional 1,047,946 shares during the period. Finally, Channing Capital Management LLC boosted its position in shares of Gates Industrial by 6.1% during the fourth quarter. Channing Capital Management LLC now owns 4,146,803 shares of the company's stock valued at $85,300,000 after purchasing an additional 238,676 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

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Analyst Upgrades and Downgrades

GTES has been the subject of a number of research reports. Barclays decreased their price objective on Gates Industrial from $25.00 to $22.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Citigroup dropped their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday. KeyCorp decreased their target price on shares of Gates Industrial from $27.00 to $21.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. 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. Finally, Royal Bank of Canada raised their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Gates Industrial currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.67.

Gates Industrial Stock Down 0.7 %

NYSE GTES traded down $0.12 during mid-day trading on Tuesday, reaching $17.27. The stock had a trading volume of 1,336,090 shares, compared to its average volume of 2,967,907. The company has a fifty day moving average price of $19.91 and a 200 day moving average price of $20.13. 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 Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85. The stock has a market cap of $4.41 billion, a PE ratio of 23.65 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, research analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Activity

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 acquisition, 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company's stock.

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.