Invesco Ltd. raised its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,406,630 shares of the company's stock after purchasing an additional 168,328 shares during the period. Invesco Ltd. owned 2.91% of Gates Industrial worth $152,354,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the stock. HighPoint Advisor Group LLC increased its stake in Gates Industrial by 3.2% during the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company's stock valued at $331,000 after purchasing an additional 452 shares in the last quarter. United Services Automobile Association grew its holdings in shares of Gates Industrial by 4.8% during the fourth quarter. United Services Automobile Association now owns 14,054 shares of the company's stock valued at $289,000 after buying an additional 646 shares during the last quarter. Tectonic Advisors LLC increased its position in shares of Gates Industrial by 3.6% during the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company's stock worth $429,000 after acquiring an additional 724 shares in the last quarter. SRS Capital Advisors Inc. raised its holdings in shares of Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock worth $54,000 after acquiring an additional 724 shares during the last quarter. Finally, Amalgamated Bank lifted its position in Gates Industrial by 1.5% in the 4th quarter. Amalgamated Bank now owns 70,711 shares of the company's stock valued at $1,455,000 after acquiring an additional 1,047 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have commented on the company. Evercore ISI boosted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. KeyCorp decreased their price target on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. The Goldman Sachs Group lowered their price target on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Citigroup cut their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a report on Monday. Finally, Royal Bank of Canada increased 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. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $22.67.
Check Out Our Latest Research Report on GTES
Insiders Place Their Bets
In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the business's stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares of the company's stock, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.30% of the company's stock.
Gates Industrial Stock Performance
Shares of NYSE:GTES traded down $0.12 during midday trading on Tuesday, reaching $17.27. The company had a trading volume of 1,336,090 shares, compared to its average volume of 2,973,998. The stock has a market cap of $4.41 billion, a P/E ratio of 23.65 and a beta of 1.24. The company's 50 day moving average price is $19.79 and its 200 day moving average price is $20.11. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 52-week low of $14.70 and a 52-week high of $23.85.
Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting analysts' consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.
Gates Industrial Profile
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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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