Gates Industrial Corp PLC (NYSE:GTES) Shares Purchased by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC grew its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 70.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 10,199 shares of the company’s stock after purchasing an additional 4,199 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Gates Industrial were worth $205,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in shares of Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock worth $317,461,000 after purchasing an additional 616,687 shares during the last quarter. State Street Corp raised its stake in Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after buying an additional 3,459,450 shares in the last quarter. Jennison Associates LLC lifted its holdings in Gates Industrial by 31.5% during the 4th quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock worth $109,038,000 after buying an additional 1,268,716 shares during the last quarter. GW&K Investment Management LLC grew its position in shares of Gates Industrial by 25.8% in the 4th quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company’s stock worth $105,017,000 after acquiring an additional 1,047,946 shares in the last quarter. Finally, Channing Capital Management LLC grew its position in shares of Gates Industrial by 6.1% in the 4th quarter. Channing Capital Management LLC now owns 4,146,803 shares of the company’s stock worth $85,300,000 after acquiring an additional 238,676 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Insider Activity at Gates Industrial

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.30% of the company’s stock.

Gates Industrial Stock Performance

GTES opened at $15.78 on Monday. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The business’s 50 day moving average is $20.48 and its 200-day moving average is $20.20. The stock has a market cap of $4.03 billion, a PE ratio of 21.61 and a beta of 1.24. Gates Industrial Corp PLC has a twelve month low of $15.11 and a twelve month high of $23.85.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Analyst Ratings Changes

GTES has been the topic of several research analyst reports. The Goldman Sachs Group reduced their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Royal Bank of Canada raised their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Barclays decreased their price target on shares of Gates Industrial from $26.00 to $25.00 and set an “overweight” rating for the company in a report on Wednesday, March 26th. Evercore ISI increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Finally, KeyCorp upped their target price on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

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.