Castleark Management LLC boosted its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 42.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 400,860 shares of the company's stock after buying an additional 119,210 shares during the quarter. Castleark Management LLC owned 0.16% of Gates Industrial worth $8,246,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the stock. GeoWealth Management LLC grew its holdings in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after acquiring an additional 789 shares during the last quarter. Assetmark Inc. raised its holdings in 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 buying an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in Gates Industrial during the fourth quarter valued at about $43,000. SRS Capital Advisors Inc. boosted its holdings 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 worth $54,000 after buying an additional 724 shares during the period. Finally, MetLife Investment Management LLC increased its position 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 worth $86,000 after acquiring an additional 567 shares in the last quarter. Institutional investors own 98.50% of the company's stock.
Insider Buying and Selling
In other news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.30% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the stock. Citigroup reduced their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Thursday. Royal Bank of Canada lifted their price target 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 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, Morgan Stanley lowered their target price on 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. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $22.89.
Check Out Our Latest Research Report on GTES
Gates Industrial Price Performance
Shares of Gates Industrial stock traded down $0.07 during midday trading on Monday, hitting $20.95. 995,021 shares of the company were exchanged, compared to its average volume of 2,909,408. The firm has a market cap of $5.40 billion, a P/E ratio of 28.70 and a beta of 1.23. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 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 firm has a 50 day simple moving average of $18.96 and a 200-day simple moving average of $20.36.
Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results 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 return on equity of 9.75% and a net margin of 5.72%. The business had revenue of $847.60 million for the quarter, compared to analysts' expectations of $823.56 million. During the same quarter last year, the business earned $0.31 earnings per share. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.
About Gates Industrial
(
Free Report)
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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