Squarepoint Ops LLC Raises Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Squarepoint Ops LLC boosted its stake 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 institutional investor 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 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of GTES. KBC Group NV grew its holdings in Gates Industrial by 2,487.4% during the 4th 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 last quarter. Proficio Capital Partners LLC bought a new position in Gates Industrial during the 4th quarter valued at about $529,000. PNC Financial Services Group Inc. grew its stake in Gates Industrial by 69.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company's stock worth $353,000 after acquiring an additional 7,036 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Gates Industrial by 101.0% in the 4th quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company's stock worth $55,935,000 after acquiring an additional 1,366,431 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in Gates Industrial by 15.8% in the 4th 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. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

GTES traded down $0.11 during midday trading on Thursday, hitting $21.37. 239,967 shares of the company traded hands, compared to its average volume of 2,573,962. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $5.51 billion, a price-to-earnings ratio of 29.28 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 business has a 50 day simple moving average of $19.06 and a two-hundred day simple moving average of $20.37.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings data 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. The business 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% compared to the same quarter last year. During the same period last year, the firm posted $0.31 earnings per share. On average, equities analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Citigroup cut their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Morgan Stanley cut 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 note on Thursday, May 1st. Finally, The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $22.89.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were purchased 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 in the company, valued at approximately $3,686,121.12. This represents a 46.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.70% 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.