Ruffer LLP Takes Position in Gates Industrial Corp PLC (NYSE:GTES)

Ruffer LLP bought a new stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 285,062 shares of the company's stock, valued at approximately $5,864,000. Ruffer LLP owned 0.11% of Gates Industrial as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its holdings in shares of Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock worth $317,461,000 after buying an additional 616,687 shares during the last quarter. FMR LLC boosted its stake in shares of Gates Industrial by 4.5% during the 3rd quarter. FMR LLC now owns 13,059,271 shares of the company's stock worth $229,190,000 after purchasing an additional 562,643 shares during the last quarter. State Street Corp grew its stake in Gates Industrial by 112.9% in the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company's stock worth $114,485,000 after acquiring an additional 3,459,450 shares during the period. Jennison Associates LLC lifted its position in Gates Industrial by 31.5% during the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock worth $109,038,000 after buying an additional 1,268,716 shares during the period. Finally, GW&K Investment Management LLC raised its stake in Gates Industrial by 25.8% during the fourth quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company's stock worth $105,017,000 after purchasing an additional 1,047,946 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

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Gates Industrial Stock Performance

Shares of NYSE:GTES traded down $0.45 during midday trading on Thursday, hitting $18.82. The company's stock had a trading volume of 2,301,376 shares, compared to its average volume of 2,924,487. The stock's 50 day simple moving average is $20.97 and its 200 day simple moving average is $19.97. Gates Industrial Corp PLC has a fifty-two week low of $15.14 and a fifty-two week high of $23.85. The stock has a market capitalization of $4.81 billion, a price-to-earnings ratio of 25.77 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

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 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%. As a group, research analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction on 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 completion of the acquisition, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GTES. Royal Bank of Canada raised their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Citigroup cut their price target on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. KeyCorp lifted their target price on Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Friday, February 7th. 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 research note on Wednesday, February 19th. Finally, Barclays cut 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. 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, Gates Industrial currently has an average rating of "Moderate Buy" and a consensus price target of $24.22.

Gates Industrial Company 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.