Sei Investments Co. boosted its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 6.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,717,003 shares of the company's stock after purchasing an additional 104,875 shares during the period. Sei Investments Co. owned approximately 0.67% of Gates Industrial worth $35,319,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in GTES. Assetmark Inc. increased its holdings in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after purchasing an additional 1,514 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock valued at $51,000 after acquiring an additional 1,598 shares during the period. SRS Capital Advisors Inc. grew its position in shares of 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 acquiring an additional 724 shares during the last quarter. Quarry LP acquired a new stake in shares of Gates Industrial in the 3rd quarter worth about $71,000. Finally, GAMMA Investing LLC boosted its stake in Gates Industrial by 29.0% during the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock valued at $103,000 after purchasing an additional 1,130 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.
Gates Industrial Stock Performance
Shares of NYSE GTES traded down $0.53 during trading hours on Friday, hitting $18.80. 49,849 shares of the company's stock were exchanged, compared to its average volume of 2,809,876. The stock has a market capitalization of $4.80 billion, a price-to-earnings ratio of 25.83 and a beta of 1.33. The company's 50-day moving average price is $20.81 and its 200-day moving average price is $20.11. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. Gates Industrial Corp PLC has a 1-year low of $15.14 and a 1-year high of $23.85.
Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.33 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%. On average, sell-side analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. 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. Evercore ISI raised their price objective 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. Royal Bank of Canada upped their target price on Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Friday, February 7th. The Goldman Sachs Group dropped their price target on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Finally, Jefferies Financial Group upped 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 company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $24.00.
Check Out Our Latest Analysis on GTES
Insiders Place Their Bets
In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction on Friday, March 7th. The stock was bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, 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 purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company's stock.
Gates Industrial Profile
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Free Report)
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.
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