Kennedy Capital Management LLC boosted its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 1.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,636,474 shares of the company's stock after purchasing an additional 26,143 shares during the period. Gates Industrial comprises approximately 0.7% of Kennedy Capital Management LLC's portfolio, making the stock its 8th largest position. Kennedy Capital Management LLC owned 0.64% of Gates Industrial worth $33,662,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. HighTower Advisors LLC purchased a new stake in shares of Gates Industrial during the third quarter worth $179,000. Stifel Financial Corp grew its stake in Gates Industrial by 40.3% during the 3rd quarter. Stifel Financial Corp now owns 139,338 shares of the company's stock worth $2,445,000 after buying an additional 40,027 shares during the last quarter. State Street Corp lifted its stake in Gates Industrial by 112.9% in 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. EP Wealth Advisors LLC purchased a new stake in Gates Industrial in the 3rd quarter valued at $245,000. Finally, XTX Topco Ltd purchased a new position in Gates Industrial during the 3rd quarter worth $536,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director Fredrik J. Eliasson acquired 60,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on GTES. The Goldman Sachs Group reduced their target price on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. KeyCorp decreased their price objective on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Barclays dropped their target price on Gates Industrial from $25.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Evercore ISI increased their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. Finally, Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $22.67.
Check Out Our Latest Report on GTES
Gates Industrial Price Performance
Shares of NYSE:GTES traded up $0.02 on Tuesday, reaching $17.40. 383,803 shares of the company were exchanged, compared to its average volume of 2,964,343. The company has a 50-day moving average of $19.91 and a 200-day moving average of $20.13. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The firm has a market cap of $4.44 billion, a price-to-earnings ratio of 23.84 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.
Gates Industrial (NYSE:GTES - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) 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%. Equities analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.
About Gates Industrial
(
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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