Gates Industrial Corp PLC (NYSE:GTES) Shares Purchased by Summit Trail Advisors LLC

Summit Trail Advisors LLC raised its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 67.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,376 shares of the company's stock after acquiring an additional 15,854 shares during the quarter. Summit Trail Advisors LLC's holdings in Gates Industrial were worth $810,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in GTES. State Street Corp grew its position in Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company's stock worth $114,485,000 after buying an additional 3,459,450 shares during the period. Zimmer Partners LP raised its holdings in Gates Industrial by 141.2% during the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company's stock worth $73,946,000 after purchasing an additional 2,466,543 shares during the last quarter. Franklin Resources Inc. raised its holdings in Gates Industrial by 138.0% during the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company's stock worth $68,159,000 after purchasing an additional 2,220,277 shares during the last quarter. Jennison Associates LLC boosted its position in Gates Industrial by 31.5% during the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock worth $109,038,000 after purchasing an additional 1,268,716 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Gates Industrial by 6,879.6% in the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock valued at $18,670,000 after purchasing an additional 1,048,596 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on GTES shares. Royal Bank of Canada raised their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Barclays raised shares of Gates Industrial from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. Jefferies Financial Group upped their target price on Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Citigroup lowered their target price on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Finally, The Goldman Sachs Group boosted their price target on Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a report on Thursday, December 12th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Gates Industrial currently has a consensus rating of "Moderate Buy" and an average price target of $23.00.

Gates Industrial Stock Down 0.8 %

Shares of NYSE GTES traded down $0.19 on Wednesday, hitting $22.19. The company had a trading volume of 1,821,638 shares, compared to its average volume of 2,347,926. The firm has a market capitalization of $5.65 billion, a P/E ratio of 30.40 and a beta of 1.37. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 12-month low of $12.41 and a 12-month high of $23.34. The business has a 50 day moving average of $21.02 and a two-hundred day moving average of $19.38.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. As a group, equities research analysts forecast that Gates Industrial Corp PLC will post 1.4 earnings per share for the current fiscal year.

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.