Gates Industrial Corp PLC (NYSE:GTES) Holdings Lifted by Squarepoint Ops LLC

Squarepoint Ops LLC boosted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 30.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 458,837 shares of the company's stock after buying an additional 108,145 shares during the quarter. Squarepoint Ops LLC owned 0.18% of Gates Industrial worth $9,438,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of GTES. KBC Group NV lifted its stake in Gates Industrial by 2,487.4% during the 4th quarter. KBC Group NV now owns 146,086 shares of the company's stock worth $3,005,000 after acquiring an additional 140,440 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in Gates Industrial during the fourth quarter worth about $529,000. PNC Financial Services Group Inc. lifted its position in shares of Gates Industrial by 69.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company's stock worth $353,000 after purchasing an additional 7,036 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Gates Industrial by 101.0% during the fourth quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company's stock worth $55,935,000 after purchasing an additional 1,366,431 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake 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 valued at $86,000 after purchasing an additional 567 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GTES shares. Morgan Stanley decreased their price target on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Wall Street Zen upgraded Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Citigroup cut their price target on Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Evercore ISI increased their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. Finally, KeyCorp boosted their price objective on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Three investment 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 company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $22.89.

Insider Transactions at Gates Industrial

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares of the company's stock, valued at $3,686,121.12. This represents a 46.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.70% of the company's stock.

Gates Industrial Trading Up 0.0%

Shares of NYSE:GTES traded up $0.01 during midday trading on Wednesday, reaching $21.44. The company's stock had a trading volume of 1,139,043 shares, compared to its average volume of 2,895,689. The firm has a market cap of $5.53 billion, a price-to-earnings ratio of 29.36 and a beta of 1.23. The business has a 50 day moving average price of $19.02 and a 200 day moving average price of $20.36. Gates Industrial Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for 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 firm's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.31 earnings per share. Research analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Gates Industrial 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.