Proficio Capital Partners LLC Acquires New Stake in Gates Industrial Corp PLC (NYSE:GTES)

Proficio Capital Partners LLC purchased a new position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 25,713 shares of the company's stock, valued at approximately $529,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assetmark Inc. boosted 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 buying an additional 1,514 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock valued at $51,000 after purchasing an additional 1,598 shares in the last quarter. SRS Capital Advisors Inc. boosted its holdings in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock worth $54,000 after buying an additional 724 shares in the last quarter. Quarry LP acquired a new stake in Gates Industrial during the third quarter valued at $71,000. Finally, GAMMA Investing LLC increased its holdings in Gates Industrial by 29.0% in 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 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 equities research analysts have recently commented on the company. KeyCorp raised their target price on Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. Barclays reduced their target price on Gates Industrial from $26.00 to $25.00 and set an "overweight" rating for the company in a research note on Wednesday. The Goldman Sachs Group cut their price target 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. Citigroup dropped their target price on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Finally, Royal Bank of Canada upped their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Gates Industrial currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

Remove Ads

Gates Industrial Trading Down 1.7 %

NYSE:GTES traded down $0.34 during trading hours on Thursday, hitting $19.41. The company had a trading volume of 2,146,763 shares, compared to its average volume of 2,704,622. Gates Industrial Corp PLC has a 1 year low of $15.14 and a 1 year high of $23.85. The company has a market cap of $4.96 billion, a P/E ratio of 26.59 and a beta of 1.33. The company has a 50-day moving average of $20.83 and a 200 day moving average of $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 (NYSE:GTES - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts' consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Sell-side analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Buying and Selling at Gates Industrial

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of Gates Industrial stock in a transaction on Friday, March 7th. The shares were bought at an average price of $19.56 per share, with a total value 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company's stock.

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.