Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 1,185.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,363,499 shares of the company’s stock after acquiring an additional 3,101,738 shares during the quarter. JPMorgan Chase & Co. owned about 1.32% of Gates Industrial worth $69,187,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. United Services Automobile Association increased its stake in shares of Gates Industrial by 4.8% in the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock worth $289,000 after acquiring an additional 646 shares during the last quarter. Tectonic Advisors LLC increased its position in Gates Industrial by 3.6% during the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company’s stock worth $429,000 after purchasing an additional 724 shares during the last quarter. SRS Capital Advisors Inc. raised its stake in 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 period. Amalgamated Bank raised its stake in Gates Industrial by 1.5% during the fourth quarter. Amalgamated Bank now owns 70,711 shares of the company’s stock worth $1,455,000 after purchasing an additional 1,047 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after buying an additional 1,130 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Barclays reduced their price target on shares of Gates Industrial from $26.00 to $25.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 26th. Evercore ISI upped their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. The Goldman Sachs Group cut their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, Royal Bank of Canada lifted their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $24.00.

Gates Industrial Trading Down 6.5 %

Shares of GTES stock opened at $15.78 on Friday. The stock has a market capitalization of $4.03 billion, a P/E ratio of 21.61 and a beta of 1.24. Gates Industrial Corp PLC has a fifty-two week low of $15.11 and a fifty-two week high of $23.85. 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 company has a 50 day moving average price of $20.48 and a 200 day moving average price of $20.16.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Equities research analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Insider Activity

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

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.