Heartland Advisors Inc. grew its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 42.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 615,192 shares of the company's stock after purchasing an additional 184,413 shares during the quarter. Heartland Advisors Inc. owned approximately 0.24% of Gates Industrial worth $12,654,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp raised its position in shares of Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company's stock valued at $114,485,000 after buying an additional 3,459,450 shares during the last quarter. JPMorgan Chase & Co. raised its holdings 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 valued at $69,187,000 after acquiring an additional 3,101,738 shares in the last quarter. Norges Bank bought a new stake in shares of Gates Industrial in the 4th quarter worth approximately $56,520,000. Zimmer Partners LP lifted its position in shares of Gates Industrial by 141.2% in the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company's stock worth $73,946,000 after acquiring an additional 2,466,543 shares during the period. Finally, Franklin Resources Inc. grew its holdings in shares of Gates Industrial by 138.0% during the 3rd 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 in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm's stock in a transaction on Friday, March 7th. The stock was purchased at an average cost 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 in the company, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by insiders.
Gates Industrial Stock Performance
NYSE:GTES traded up $0.08 during mid-day trading on Tuesday, hitting $18.49. 698,549 shares of the stock were exchanged, compared to its average volume of 2,915,347. 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 firm's 50-day simple moving average is $20.73 and its 200 day simple moving average is $20.19. Gates Industrial Corp PLC has a fifty-two week low of $15.14 and a fifty-two week high of $23.85. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 25.36 and a beta of 1.33.
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%. As a group, equities analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.
Analysts Set New Price Targets
Several research analysts recently issued reports on the stock. Citigroup dropped their price target on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Royal Bank of Canada raised their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. KeyCorp upped their price target on Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. Jefferies Financial Group lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, December 6th. Finally, Barclays lowered their target price on shares of Gates Industrial from $26.00 to $25.00 and set an "overweight" rating on the stock in a report on Wednesday, March 26th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Gates Industrial presently has an average rating of "Moderate Buy" and an average price target of $24.00.
Read Our Latest Stock Analysis on Gates Industrial
Gates Industrial Company 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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