Federated Hermes Inc. Grows Stake in Gates Industrial Corp PLC (NYSE:GTES)

Federated Hermes Inc. raised its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 62.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 148,494 shares of the company's stock after purchasing an additional 57,275 shares during the period. Federated Hermes Inc. owned 0.06% of Gates Industrial worth $3,055,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Assetmark Inc. grew its stake in Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after acquiring an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in Gates Industrial in the 4th quarter valued at about $43,000. Versant Capital Management Inc boosted its stake in shares of Gates Industrial by 178.3% during the 4th 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. increased its holdings in shares of 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 purchasing an additional 724 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock valued at $103,000 after buying an additional 1,130 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

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Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Evercore ISI upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Barclays dropped their price objective on shares of Gates Industrial from $25.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. The Goldman Sachs Group cut 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 target 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. Finally, KeyCorp reduced their target price on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.67.

Gates Industrial Stock Down 0.7 %

Shares of GTES traded down $0.12 during trading hours on Tuesday, hitting $17.27. The stock had a trading volume of 1,336,090 shares, compared to its average volume of 2,973,998. The firm has a market capitalization of $4.41 billion, a P/E ratio of 23.65 and a beta of 1.24. Gates Industrial Corp PLC has a 1-year low of $14.70 and a 1-year high of $23.85. The firm has a 50 day simple moving average of $19.79 and a 200-day simple moving average of $20.11. 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 posted its 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%. Sell-side analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the company's stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company's stock.

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.