Truist Financial Corp Boosts Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Truist Financial Corp lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 23.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 232,425 shares of the company’s stock after buying an additional 43,472 shares during the period. Truist Financial Corp owned about 0.09% of Gates Industrial worth $3,119,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of GTES. AQR Capital Management LLC raised its position in Gates Industrial by 105.5% during the 3rd quarter. AQR Capital Management LLC now owns 7,044,308 shares of the company’s stock valued at $81,784,000 after purchasing an additional 3,617,020 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Gates Industrial by 28.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 12,300,192 shares of the company’s stock worth $165,069,000 after buying an additional 2,697,624 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Gates Industrial by 12.4% during the third quarter. Vanguard Group Inc. now owns 13,810,748 shares of the company’s stock valued at $160,343,000 after acquiring an additional 1,520,338 shares in the last quarter. LSV Asset Management purchased a new position in Gates Industrial in the third quarter worth about $16,011,000. Finally, FMR LLC lifted its position in Gates Industrial by 43.2% in the 3rd quarter. FMR LLC now owns 3,191,825 shares of the company’s stock valued at $37,057,000 after acquiring an additional 962,452 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Insiders Place Their Bets

In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $12.04, for a total value of $292,284,244.00. Following the transaction, the insider now directly owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the completion of the sale, the insider now owns 107,324 shares in the company, valued at approximately $1,292,180.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Wilson S. Neely bought 10,000 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was bought at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the purchase, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 1,030,492 shares of company stock worth $12,582,402. Insiders own 2.30% of the company’s stock.

Gates Industrial Trading Down 0.1 %

Shares of Gates Industrial stock opened at $16.47 on Wednesday. Gates Industrial Corp PLC has a 12-month low of $10.68 and a 12-month high of $17.99. The company has a fifty day simple moving average of $16.96 and a 200-day simple moving average of $14.14. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of 18.09 and a beta of 1.54.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. The firm had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $892.40 million. On average, equities analysts forecast that Gates Industrial Corp PLC will post 1.32 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GTES. Robert W. Baird raised their price target on shares of Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Citigroup lifted their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a report on Monday, April 8th. Evercore ISI increased their target price on Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a report on Friday, March 8th. Finally, Jefferies Financial Group assumed coverage on shares of Gates Industrial in a research report on Thursday, February 29th. They set a “buy” rating and a $21.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.78.

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.