Castleark Management LLC Buys 119,210 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Castleark Management LLC lifted its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 42.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 400,860 shares of the company's stock after acquiring an additional 119,210 shares during the period. Castleark Management LLC owned approximately 0.16% of Gates Industrial worth $8,246,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. HighPoint Advisor Group LLC lifted its holdings in shares of Gates Industrial by 3.2% during the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company's stock valued at $331,000 after purchasing an additional 452 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in Gates Industrial by 3.6% during the 4th quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock worth $298,000 after buying an additional 504 shares during the period. MetLife Investment Management LLC lifted its stake in 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 in the last quarter. United Services Automobile Association lifted its stake in Gates Industrial by 4.8% in the fourth 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 in the last quarter. Finally, Utah Retirement Systems boosted its holdings in shares of Gates Industrial by 6.4% in the fourth quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock valued at $241,000 after buying an additional 700 shares during the period. Institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Down 1.3%

Gates Industrial stock opened at $21.59 on Wednesday. The company has a market cap of $5.57 billion, a price-to-earnings ratio of 29.58 and a beta of 1.23. The firm has a 50-day moving average of $18.86 and a 200-day moving average of $20.35. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. Gates Industrial Corp PLC has a one year low of $14.70 and a one year high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. The firm had revenue of $847.60 million during 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 quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.31 earnings per share. On average, equities analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. The Goldman Sachs Group dropped their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Royal Bank of Canada increased their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Barclays boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Evercore ISI upped their price objective 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, KeyCorp increased their price objective on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a 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's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $22.89.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the company's stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company's stock.

Gates Industrial Company 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.

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