KLP Kapitalforvaltning AS Invests $1.03 Million in Gates Industrial Corp PLC (NYSE:GTES)

KLP Kapitalforvaltning AS purchased a new position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 50,000 shares of the company's stock, valued at approximately $1,028,000.

Other large investors also recently modified their holdings of the company. Assetmark Inc. grew its stake in shares of Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after acquiring an additional 1,514 shares during the last quarter. Versant Capital Management Inc grew its position in Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock worth $51,000 after purchasing an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. grew its position in 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 purchasing an additional 724 shares during the last quarter. Quarry LP bought a new position in shares of Gates Industrial during the 3rd quarter worth about $71,000. Finally, GAMMA Investing LLC raised its position in shares of Gates Industrial by 29.0% during the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock valued at $103,000 after buying an additional 1,130 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. KeyCorp lifted their target price on Gates Industrial from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Friday, February 7th. Citigroup decreased their price objective on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. The Goldman Sachs Group cut their target price on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Royal Bank of Canada lifted their price target 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. Finally, Jefferies Financial Group increased their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $24.00.

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Insider Activity at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the business's stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares of the company's stock, valued at $3,686,121.12. The trade was a 46.71 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

Gates Industrial Price Performance

Shares of NYSE GTES traded down $1.11 during midday trading on Friday, reaching $15.78. 5,745,275 shares of the company traded hands, compared to its average volume of 2,936,058. Gates Industrial Corp PLC has a 12 month low of $15.14 and a 12 month high of $23.85. 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 stock's 50-day simple moving average is $20.48 and its 200-day simple moving average is $20.16. The firm has a market cap of $4.03 billion, a PE ratio of 21.61 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results 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 9.75%. As a group, equities analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

About Gates Industrial

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.