14,900 Shares in Gates Industrial Corp PLC (NYSE:GTES) Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB purchased a new stake in Gates Industrial Corp PLC (NYSE:GTES) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 14,900 shares of the company’s stock, valued at approximately $200,000.

Several other institutional investors and hedge funds have also bought and sold shares of GTES. Covestor Ltd boosted its holdings in shares of Gates Industrial by 42.8% in the 3rd quarter. Covestor Ltd now owns 4,852 shares of the company’s stock valued at $57,000 after purchasing an additional 1,454 shares in the last quarter. Natixis Advisors L.P. grew its position in Gates Industrial by 4.6% in the third quarter. Natixis Advisors L.P. now owns 49,641 shares of the company’s stock valued at $576,000 after acquiring an additional 2,198 shares during the last quarter. Essex Investment Management Co. LLC raised its stake in Gates Industrial by 1.9% during the third quarter. Essex Investment Management Co. LLC now owns 125,281 shares of the company’s stock worth $1,455,000 after acquiring an additional 2,333 shares in the last quarter. Cornercap Investment Counsel Inc. lifted its holdings in shares of Gates Industrial by 3.1% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 87,238 shares of the company’s stock worth $1,171,000 after acquiring an additional 2,645 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC increased its position in Gates Industrial by 13.1% during the 3rd quarter. J.P. Morgan Private Wealth Advisors LLC now owns 28,802 shares of the company’s stock worth $334,000 after purchasing an additional 3,333 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research report on Friday, March 8th. Robert W. Baird boosted their price objective on Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday. Jefferies Financial Group started coverage on Gates Industrial in a report on Thursday, February 29th. They issued a “buy” rating and a $21.00 target price for the company. Evercore ISI lifted their price target on Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Finally, The Goldman Sachs Group upped their price objective on Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.78.

Insiders Place Their Bets

In other news, Director Wilson S. Neely bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average cost of $13.24 per share, with a total value of $132,400.00. Following the transaction, the director now directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Gates Industrial news, Director Neil P. Simpkins acquired 1,000,000 shares of the stock in a transaction on Friday, February 16th. The shares were purchased at an average price of $12.20 per share, for a total transaction of $12,200,000.00. Following the completion of the acquisition, the director now owns 1,000,000 shares in the company, valued at approximately $12,200,000. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Wilson S. Neely purchased 10,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were bought at an average price of $13.24 per share, with a total value of $132,400.00. Following the purchase, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 1,030,492 shares of company stock worth $12,582,402. 2.30% of the stock is currently owned by company insiders.

Gates Industrial Stock Down 1.7 %

Shares of Gates Industrial stock opened at $16.18 on Friday. The stock’s 50-day moving average is $16.88 and its 200 day moving average is $14.02. Gates Industrial Corp PLC has a one year low of $10.68 and a one year high of $17.99. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 17.78 and a beta of 1.54. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.10. The firm had revenue of $863.30 million for the quarter, compared to analyst estimates of $892.40 million. Gates Industrial had a return on equity of 10.56% and a net margin of 6.97%. Equities research analysts anticipate that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

Gates Industrial 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.