13,580 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc purchased a new stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 13,580 shares of the company's stock, valued at approximately $279,000.

Several other hedge funds also recently added to or reduced their stakes in GTES. FMR LLC grew its stake in Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after buying an additional 6,383,165 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of 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 acquiring an additional 616,687 shares during the period. Invesco Ltd. boosted its holdings 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 acquiring an additional 168,328 shares during the period. Fiduciary Management Inc. WI grew its position in shares of Gates Industrial by 0.3% during the fourth 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 last quarter. Finally, Jennison Associates LLC increased its holdings 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 valued at $109,038,000 after acquiring an additional 1,268,716 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GTES. Royal Bank of Canada increased 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. Barclays increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. KeyCorp boosted their price target on Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Evercore ISI upped their price objective 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. Finally, Citigroup lowered their target price on Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $22.89.

Insider Buying and Selling

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the business'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 acquisition, the director now owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. The trade was a 46.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by company insiders.

Gates Industrial Price Performance

GTES stock traded down $0.28 during midday trading on Tuesday, hitting $21.59. 1,824,438 shares of the stock were exchanged, compared to its average volume of 2,926,956. The stock's 50-day moving average price is $18.81 and its 200-day moving average price is $20.34. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 29.58 and a beta of 1.23. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85.

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

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.