Gates Industrial Corp PLC (NYSE:GTES) Shares Bought by Ethic Inc.

Ethic Inc. raised its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 15.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,049 shares of the company’s stock after buying an additional 3,816 shares during the period. Ethic Inc.’s holdings in Gates Industrial were worth $598,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. GeoWealth Management LLC increased its position in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares in the last quarter. Assetmark Inc. increased its position in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial during the fourth quarter worth about $43,000. SRS Capital Advisors Inc. increased 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 purchasing an additional 724 shares in the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after purchasing an additional 567 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Price Performance

Shares of GTES opened at $21.93 on Friday. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The stock’s 50 day moving average is $18.70 and its two-hundred day moving average is $20.28. The firm has a market capitalization of $5.65 billion, a PE ratio of 30.04 and a beta of 1.23. 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) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The company had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same quarter in the previous year, the company earned $0.31 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. Research analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now directly 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 available through this link. 2.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently commented on GTES. Morgan Stanley cut their target price on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. The Goldman Sachs Group cut their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Barclays raised their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday. Citigroup lowered their price target on Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Royal Bank of Canada raised their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.89.

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.