Deutsche Bank AG Purchases 174,926 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Deutsche Bank AG boosted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 1,332.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 188,052 shares of the company's stock after purchasing an additional 174,926 shares during the period. Deutsche Bank AG owned about 0.07% of Gates Industrial worth $3,868,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Park Avenue Securities LLC lifted its position in Gates Industrial by 29.1% during the fourth quarter. Park Avenue Securities LLC now owns 49,939 shares of the company's stock valued at $1,027,000 after purchasing an additional 11,251 shares during the period. Assenagon Asset Management S.A. bought a new position in Gates Industrial during the fourth quarter valued at approximately $2,154,000. KBC Group NV lifted its position in Gates Industrial by 2,487.4% during the fourth quarter. KBC Group NV now owns 146,086 shares of the company's stock valued at $3,005,000 after purchasing an additional 140,440 shares during the period. Proficio Capital Partners LLC bought a new position in Gates Industrial during the fourth quarter valued at approximately $529,000. Finally, PNC Financial Services Group Inc. lifted its position in Gates Industrial by 69.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company's stock valued at $353,000 after purchasing an additional 7,036 shares during the period. Institutional investors own 98.50% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Barclays increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Morgan Stanley decreased their price target on shares of 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. Evercore ISI increased their price target on shares of 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 target 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. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.89.

Insider Activity

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average cost 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. The trade was a 46.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company's stock.

Gates Industrial Stock Down 1.3%

Shares of GTES stock opened at $21.87 on Tuesday. The company has a market capitalization of $5.64 billion, a price-to-earnings ratio of 29.96 and a beta of 1.23. Gates Industrial Corp PLC has a one year low of $14.70 and a one year high of $23.85. The company's fifty 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 current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The company's revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm earned $0.31 EPS. Sell-side analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal 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.

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