Geode Capital Management LLC grew its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 5.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,657,458 shares of the company's stock after purchasing an additional 196,603 shares during the period. Geode Capital Management LLC owned about 1.44% of Gates Industrial worth $75,259,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp raised its holdings in Gates Industrial by 112.9% during the 3rd 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. JPMorgan Chase & Co. boosted its stake in Gates Industrial by 1,185.0% in the 4th quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock worth $69,187,000 after purchasing an additional 3,101,738 shares during the period. Norges Bank bought a new position in Gates Industrial during the 4th quarter worth about $56,520,000. Franklin Resources Inc. raised its stake in shares of Gates Industrial by 138.0% in the 3rd quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company's stock valued at $68,159,000 after purchasing an additional 2,220,277 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Gates Industrial in the fourth quarter valued at about $42,080,000. Institutional investors and hedge funds own 98.50% of the company's stock.
Gates Industrial Stock Performance
GTES traded down $0.12 during trading hours on Tuesday, reaching $17.27. The company's stock had a trading volume of 1,336,090 shares, compared to its average volume of 2,967,907. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company's 50-day moving average is $19.91 and its 200-day moving average is $20.13. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85. The firm 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 announced 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%. On average, equities analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current year.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on GTES shares. Citigroup dropped their target price on Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research report on Monday. The Goldman Sachs Group decreased their target price on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Royal Bank of Canada increased their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. KeyCorp dropped 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. Finally, 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. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $22.67.
View Our Latest Analysis on Gates Industrial
Insider Transactions at Gates Industrial
In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, for a total transaction 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 approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by corporate insiders.
Gates Industrial Profile
(
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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