Baird Financial Group Inc. Buys Shares of 29,171 Gates Industrial Corp PLC (NYSE:GTES)

Baird Financial Group Inc. bought a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 29,171 shares of the company's stock, valued at approximately $600,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. FMR LLC grew its holdings in shares of Gates Industrial by 48.9% in the 4th quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after acquiring an additional 6,383,165 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Gates Industrial by 4.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock valued at $317,461,000 after purchasing an additional 616,687 shares during the last quarter. Invesco Ltd. increased its position in shares of Gates Industrial by 2.3% in the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock valued at $152,354,000 after buying an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI raised its stake in shares of 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 buying an additional 21,191 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Gates Industrial by 31.5% in 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 in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Insider Activity

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares of the company's stock, valued at $3,686,121.12. The trade was a 46.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.30% of the company's stock.

Gates Industrial Trading Down 1.3%

Shares of NYSE GTES traded down $0.28 on Monday, reaching $21.87. 1,992,249 shares of the company traded hands, compared to its average volume of 2,931,366. The company has a 50 day moving average of $18.75 and a 200 day moving average of $20.32. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85. The stock has a market capitalization of $5.64 billion, a PE ratio of 29.96 and a beta of 1.23.

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

Analyst Ratings Changes

GTES has been the subject of a number of research reports. KeyCorp lifted their target price on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Barclays lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Royal Bank of Canada increased their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Evercore ISI raised their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research report on Wednesday, February 19th. Finally, Morgan Stanley reduced their price objective on 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. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $22.89.

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.