Crestline Management LP Invests $2.22 Million in Gates Industrial Corp PLC (NYSE:GTES)

Crestline Management LP bought a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 107,837 shares of the company's stock, valued at approximately $2,218,000.

Several other institutional investors have also recently added to or reduced their stakes in GTES. GeoWealth Management LLC grew its holdings in Gates Industrial by 187.4% during 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. Assetmark Inc. raised 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 worth $32,000 after acquiring an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Gates Industrial during the fourth quarter worth $43,000. SRS Capital Advisors Inc. raised its position 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 purchasing an additional 724 shares during the period. Finally, MetLife Investment Management LLC raised its position in shares of Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after purchasing an additional 567 shares during the period. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Performance

Gates Industrial stock traded up $0.52 during midday trading on Tuesday, reaching $22.52. The stock had a trading volume of 600,807 shares, compared to its average volume of 2,962,291. The firm's 50-day moving average price is $18.54 and its 200 day moving average price is $20.23. Gates Industrial Corp PLC has a 12 month low of $14.70 and a 12 month high of $23.85. The firm has a market capitalization of $5.81 billion, a PE ratio of 30.85 and a beta of 1.23. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analysts' expectations of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The company's revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 earnings per share. As a group, research analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GTES. Morgan Stanley lowered their price target on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Royal Bank of Canada raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Barclays lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday. KeyCorp boosted their price target 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. Finally, Evercore ISI lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $22.89.

Insider Buying and Selling

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the business's stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by company 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.