Point72 Asset Management L.P. Increases Position in Gates Industrial Corp PLC (NYSE:GTES)

Point72 Asset Management L.P. increased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 209.9% in the fourth quarter, HoldingsChannel reports. The firm owned 2,122,079 shares of the company’s stock after acquiring an additional 1,437,281 shares during the quarter. Point72 Asset Management L.P.’s holdings in Gates Industrial were worth $43,651,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of GTES. GeoWealth Management LLC lifted its holdings 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 during the period. Assetmark Inc. raised its holdings 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 during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Gates Industrial during the fourth quarter worth $43,000. SRS Capital Advisors Inc. raised its holdings 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 during the last quarter. Finally, MetLife Investment Management LLC raised its holdings 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 during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Ratings Changes

GTES has been the topic of several analyst reports. Morgan Stanley dropped their target price on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Citigroup lowered their price target on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Royal Bank of Canada increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Barclays increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday. Finally, KeyCorp increased their price target on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Gates Industrial has an average rating of “Moderate Buy” and an average price target of $22.89.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $21.93 on Friday. The firm has a market cap of $5.65 billion, a PE ratio of 30.04 and a beta of 1.23. The firm has a fifty day moving average of $18.70 and a 200 day moving average of $20.28. 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 Corp PLC has a one year low of $14.70 and a one year high of $23.85.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $823.56 million. During the same period in the previous year, the firm posted $0.31 EPS. Gates Industrial’s revenue was down 1.7% compared to the same quarter last year. As a group, research analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Gates Industrial 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, for a total transaction of $1,173,600.00. Following 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is currently owned by insiders.

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.