Pictet Asset Management Holding SA Has $690,000 Position in Gates Industrial Corp PLC (NYSE:GTES)

Pictet Asset Management Holding SA lifted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 28.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,536 shares of the company’s stock after buying an additional 7,414 shares during the period. Pictet Asset Management Holding SA’s holdings in Gates Industrial were worth $690,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GTES. Assetmark Inc. boosted its position in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after buying an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. grew its stake in shares of Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after buying an additional 724 shares in the last quarter. Quarry LP acquired a new position in Gates Industrial during the third quarter worth $71,000. Finally, GAMMA Investing LLC lifted its stake in Gates Industrial by 29.0% in the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after acquiring an additional 1,130 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Gates Industrial Stock Up 1.6 %

GTES stock opened at $16.04 on Tuesday. The business’s fifty day moving average price is $20.40 and its two-hundred day moving average price is $20.18. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 21.97 and a beta of 1.24. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

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

Insider Activity

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares of the company’s stock, 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 document filed with the SEC, which is available through this link. 2.30% of the stock is owned by company insiders.

Gates Industrial Company 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.