Norges Bank Makes New $56.52 Million Investment in Gates Industrial Corp PLC (NYSE:GTES)

Norges Bank bought a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,747,694 shares of the company's stock, valued at approximately $56,520,000. Norges Bank owned 1.08% of Gates Industrial at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GTES. JPMorgan Chase & Co. increased its position in shares of Gates Industrial by 1,185.0% during the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock valued at $69,187,000 after buying an additional 3,101,738 shares during the period. United Services Automobile Association boosted its position in Gates Industrial by 4.8% during the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company's stock valued at $289,000 after acquiring an additional 646 shares in the last quarter. LPL Financial LLC grew its holdings in shares of Gates Industrial by 12.7% during the 4th quarter. LPL Financial LLC now owns 154,916 shares of the company's stock worth $3,187,000 after acquiring an additional 17,419 shares during the period. Fox Run Management L.L.C. bought a new position in shares of Gates Industrial in the 4th quarter worth approximately $251,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Gates Industrial in the 4th quarter valued at approximately $1,028,000. 98.50% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were 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. The trade was a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.30% of the stock is currently owned by insiders.

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Analyst Ratings Changes

A number of brokerages have weighed in on GTES. The Goldman Sachs Group cut their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Barclays reduced their price objective on Gates Industrial from $26.00 to $25.00 and set an "overweight" rating for the company in a research report on Wednesday, March 26th. Citigroup dropped their target price on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Evercore ISI raised their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a report on Wednesday, February 19th. Finally, KeyCorp dropped their price target on shares of Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a research note on Tuesday. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.33.

Gates Industrial Stock Down 3.1 %

Shares of GTES traded down $0.50 during mid-day trading on Tuesday, hitting $15.55. The company's stock had a trading volume of 3,134,661 shares, compared to its average volume of 2,949,477. 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 company's 50-day moving average is $20.21 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 capitalization of $3.97 billion, a price-to-earnings ratio of 21.29 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its 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 return on equity of 9.75% and a net margin of 5.72%. On average, equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Gates Industrial Profile

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.