Proficio Capital Partners LLC Takes $529,000 Position in Gates Industrial Corp PLC (NYSE:GTES)

Proficio Capital Partners LLC bought a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 25,713 shares of the company's stock, valued at approximately $529,000.

Other large investors have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. grew its position in Gates Industrial by 7.5% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 77,355 shares of the company's stock worth $1,591,000 after acquiring an additional 5,411 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in shares of Gates Industrial by 3.4% in the fourth quarter. Illinois Municipal Retirement Fund now owns 119,880 shares of the company's stock valued at $2,466,000 after acquiring an additional 3,980 shares during the period. Amalgamated Bank raised its position in Gates Industrial by 1.5% during the 4th quarter. Amalgamated Bank now owns 70,711 shares of the company's stock valued at $1,455,000 after purchasing an additional 1,047 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Gates Industrial by 101.0% in the fourth quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company's stock worth $55,935,000 after acquiring an additional 1,366,431 shares during the period. Finally, Handelsbanken Fonder AB boosted its stake in shares of Gates Industrial by 10.4% during the 4th quarter. Handelsbanken Fonder AB now owns 1,372,300 shares of the company's stock valued at $28,228,000 after purchasing an additional 129,700 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

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Gates Industrial Price Performance

GTES stock traded down $0.45 during mid-day trading on Thursday, reaching $18.82. The company's stock had a trading volume of 1,804,812 shares, compared to its average volume of 2,924,487. Gates Industrial Corp PLC has a fifty-two week low of $15.14 and a fifty-two week high of $23.85. 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 stock has a market cap of $4.81 billion, a PE ratio of 25.77 and a beta of 1.33. The company's 50 day moving average is $20.97 and its two-hundred day moving average is $19.97.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Equities research analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insider Transactions at Gates Industrial

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the acquisition, the director now owns 188,452 shares of the company's stock, valued at $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Barclays dropped their price objective on shares of Gates Industrial from $27.00 to $26.00 and set an "overweight" rating on the stock in a research note on Monday. The Goldman Sachs Group boosted their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a research note on Thursday, December 12th. Evercore ISI boosted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. KeyCorp raised their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Finally, Royal Bank of Canada upped their price objective on Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $24.22.

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.