Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 32.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 54,438 shares of the company's stock after purchasing an additional 13,241 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Gates Industrial were worth $1,120,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ruffer LLP acquired a new stake in Gates Industrial in the fourth quarter valued at approximately $5,864,000. Personal CFO Solutions LLC acquired a new stake in Gates Industrial in the fourth quarter valued at approximately $216,000. Amundi acquired a new stake in Gates Industrial in the fourth quarter valued at approximately $2,480,000. PNC Financial Services Group Inc. boosted its stake in Gates Industrial by 69.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company's stock valued at $353,000 after acquiring an additional 7,036 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Gates Industrial in the fourth quarter valued at approximately $42,080,000. 98.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the business's stock in a transaction on Friday, March 7th. The stock was bought at an average price 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 approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.30% of the stock is owned by corporate insiders.

Remove Ads

Gates Industrial Stock Performance

Shares of Gates Industrial stock traded down $0.33 during trading on Friday, hitting $19.33. 4,046,285 shares of the company's stock were exchanged, compared to its average volume of 2,829,797. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The business has a 50-day simple moving average of $20.84 and a 200-day simple moving average of $20.04. Gates Industrial Corp PLC has a 52-week low of $15.14 and a 52-week high of $23.85. The stock has a market capitalization of $4.94 billion, a price-to-earnings ratio of 26.48 and a beta of 1.33.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Evercore ISI lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 19th. Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating for the company in a research note on Monday, January 13th. The Goldman Sachs Group lowered their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday. Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Finally, Barclays lowered their price objective on shares of Gates Industrial from $27.00 to $26.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Gates Industrial has a consensus rating of "Moderate Buy" and an average price target of $24.11.

About Gates Industrial

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.