Bridgefront Capital LLC Acquires Shares of 12,768 Gates Industrial Corp PLC (NYSE:GTES)

Bridgefront Capital LLC purchased a new stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 12,768 shares of the company's stock, valued at approximately $263,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GeoWealth Management LLC boosted its stake in 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 acquiring an additional 789 shares in the last quarter. Assetmark Inc. grew its stake in shares of Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after purchasing an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in shares of Gates Industrial during the 4th quarter worth approximately $43,000. SRS Capital Advisors Inc. increased 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 buying an additional 724 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after acquiring an additional 567 shares during the last quarter. Institutional investors and hedge funds 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 firm's stock in a transaction on Friday, March 7th. The stock was bought at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the acquisition, 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 position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Gates Industrial Price Performance

Shares of NYSE GTES traded up $0.09 during mid-day trading on Friday, reaching $20.75. 1,326,978 shares of the company traded hands, compared to its average volume of 2,971,964. 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. The stock has a fifty day simple moving average of $18.51 and a 200-day simple moving average of $20.19. The firm has a market cap of $5.35 billion, a PE ratio of 28.42 and a beta of 1.23.

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

Wall Street Analyst Weigh In

GTES has been the subject of a number of recent research reports. Evercore ISI lifted their price target 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. Morgan Stanley cut their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Royal Bank of Canada lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Finally, 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. 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.com, Gates Industrial has a consensus rating of "Moderate Buy" and an average target price of $22.78.

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.