Millennium Management LLC Increases Position in Gates Industrial Corp PLC (NYSE:GTES)

Millennium Management LLC grew its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 278.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,316,988 shares of the company's stock after purchasing an additional 969,263 shares during the period. Millennium Management LLC owned about 0.52% of Gates Industrial worth $27,090,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. GeoWealth Management LLC lifted its position in Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after purchasing an additional 789 shares in the last quarter. Assetmark Inc. increased its stake in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after acquiring an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Gates Industrial during the fourth quarter valued at approximately $43,000. SRS Capital Advisors Inc. grew its stake in shares of Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after buying an additional 724 shares during the last quarter. Finally, MetLife Investment Management LLC grew its stake in 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 purchasing an additional 567 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GTES shares. Morgan Stanley lowered their target price on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. KeyCorp increased their price objective on Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a 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. Citigroup decreased their price objective on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, The Goldman Sachs Group decreased their price objective on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $22.89.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were purchased at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now directly 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by insiders.

Gates Industrial Stock Performance

Shares of NYSE GTES traded down $0.07 during mid-day trading on Friday, hitting $20.95. The stock had a trading volume of 995,021 shares, compared to its average volume of 2,909,408. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company has a 50 day moving average of $18.96 and a two-hundred day moving average of $20.36. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The firm has a market cap of $5.40 billion, a PE ratio of 28.70 and a beta of 1.23.

Gates Industrial (NYSE:GTES - Get Free Report) last released its 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. The firm had revenue of $847.60 million for the quarter, compared to the consensus estimate 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 was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 EPS. Research analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal 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.