Squarepoint Ops LLC Purchases 108,145 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Squarepoint Ops LLC boosted its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 30.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 458,837 shares of the company's stock after purchasing an additional 108,145 shares during the quarter. Squarepoint Ops LLC owned about 0.18% of Gates Industrial worth $9,438,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTES. KBC Group NV increased its holdings in shares of 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 in the 4th quarter valued at about $529,000. PNC Financial Services Group Inc. increased its stake in Gates Industrial by 69.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company's stock valued at $353,000 after buying an additional 7,036 shares during the period. Bank of New York Mellon Corp increased its stake in Gates Industrial by 101.0% during the 4th quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company's stock valued at $55,935,000 after buying an additional 1,366,431 shares during the period. Finally, MetLife Investment Management LLC raised its position in shares of Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after buying an additional 567 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Stock Up 2.4%

Shares of Gates Industrial stock traded up $0.50 during trading on Tuesday, hitting $21.44. 1,235,674 shares of the stock traded hands, compared to its average volume of 2,902,713. The stock has a market cap of $5.53 billion, a P/E ratio of 29.37 and a beta of 1.23. The company has a fifty day moving average price of $18.98 and a two-hundred day moving average price of $20.36. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 5.72% and a return on equity of 9.75%. The company's revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.31 earnings per share. Equities research analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Gates Industrial

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of the stock in a transaction on Friday, March 7th. The shares were bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. This trade represents a 46.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GTES. 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. KeyCorp lifted their target price on Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Barclays upped their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, May 12th. The Goldman Sachs Group raised their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday. Finally, Morgan Stanley lowered their price objective 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. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.89.

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.