Baird Financial Group Inc. Purchases 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 fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 29,171 shares of the company's stock, valued at approximately $600,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GTES. HighPoint Advisor Group LLC raised its stake in Gates Industrial by 3.2% in the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company's stock worth $331,000 after purchasing an additional 452 shares in the last quarter. MetLife Investment Management LLC boosted its stake 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 buying an additional 567 shares during the period. United Services Automobile Association increased its holdings in Gates Industrial by 4.8% in the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company's stock valued at $289,000 after buying an additional 646 shares during the period. Utah Retirement Systems lifted its position in shares of Gates Industrial by 6.4% during the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock worth $241,000 after buying an additional 700 shares during the last quarter. Finally, Tectonic Advisors LLC grew its position in Gates Industrial by 3.6% in the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company's stock valued at $429,000 after acquiring an additional 724 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Performance

Shares of GTES stock traded down $0.42 during trading on Wednesday, hitting $21.17. The company's stock had a trading volume of 404,984 shares, compared to its average volume of 2,910,440. 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 has a market cap of $5.46 billion, a PE ratio of 29.06 and a beta of 1.23. The business has a fifty day moving average of $18.86 and a 200-day moving average of $20.35. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The company 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 business's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.31 EPS. As a group, research analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Analyst Ratings Changes

GTES has been the subject of a number of research reports. Barclays raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, May 12th. KeyCorp raised their target price on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. The Goldman Sachs Group reduced their price target on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Evercore ISI lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 19th. Finally, Morgan Stanley decreased their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Gates Industrial presently has a consensus rating of "Moderate Buy" and an average price target of $22.89.

Insider Buying and Selling

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of Gates Industrial stock in a transaction dated 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 transaction, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently 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.