MetLife Investment Management LLC Boosts Holdings in Gates Industrial Corp PLC (NYSE:GTES)

MetLife Investment Management LLC grew its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 15.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,157 shares of the company’s stock after purchasing an additional 567 shares during the period. MetLife Investment Management LLC’s holdings in Gates Industrial were worth $86,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Mesirow Institutional Investment Management Inc. boosted its stake in Gates Industrial by 13.2% in the 4th quarter. Mesirow Institutional Investment Management Inc. now owns 852,593 shares of the company’s stock worth $17,538,000 after purchasing an additional 99,505 shares in the last quarter. Fiduciary Management Inc. WI lifted its position in Gates Industrial by 0.3% during the 4th quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company’s stock worth $148,615,000 after acquiring an additional 21,191 shares during the period. GeoWealth Management LLC increased its holdings in shares of Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after purchasing an additional 789 shares during the period. Commerce Bank purchased a new position in shares of Gates Industrial in the fourth quarter worth about $375,000. Finally, Dean Investment Associates LLC boosted its position in Gates Industrial by 4.5% in the fourth quarter. Dean Investment Associates LLC now owns 126,333 shares of the company’s stock valued at $2,599,000 after buying an additional 5,468 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Performance

NYSE:GTES opened at $20.75 on Friday. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The company has a market cap of $5.35 billion, a P/E ratio of 28.42 and a beta of 1.23. 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 company’s 50-day moving average price is $18.51 and its 200-day moving average price is $20.18.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 earnings per share. On average, sell-side analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GTES has been the subject of several research reports. Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. KeyCorp boosted their target price on shares of Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Evercore ISI lifted 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. Barclays cut their price objective on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Finally, Citigroup cut their price target on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $22.78.

Insiders Place Their Bets

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by insiders.

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.