Polar Asset Management Partners Inc. Takes $3.82 Million Position in Gates Industrial Corp PLC (NYSE:GTES)

Polar Asset Management Partners Inc. purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 185,500 shares of the company's stock, valued at approximately $3,816,000. Polar Asset Management Partners Inc. owned 0.07% of Gates Industrial at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GTES. FMR LLC boosted its stake in Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after buying an additional 6,383,165 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Gates Industrial by 1,185.0% in the 4th quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock worth $69,187,000 after acquiring an additional 3,101,738 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Gates Industrial by 540.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock worth $74,247,000 after acquiring an additional 3,046,064 shares during the last quarter. Norges Bank purchased a new position in shares of Gates Industrial during the 4th quarter worth approximately $56,520,000. Finally, Raymond James Financial Inc. acquired a new stake in Gates Industrial in the 4th quarter valued at approximately $42,080,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of research reports. Evercore ISI upped their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 19th. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Morgan Stanley dropped their target price on 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. KeyCorp boosted their price target on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Finally, Royal Bank of Canada increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" 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 given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.89.

Gates Industrial Stock Down 1.0%

Shares of GTES stock traded down $0.22 during trading hours on Friday, reaching $21.16. 1,290,771 shares of the stock were exchanged, compared to its average volume of 2,892,302. The business's fifty day moving average is $19.11 and its two-hundred day moving average is $20.37. The firm has a market capitalization of $5.45 billion, a P/E ratio of 28.99 and a beta of 1.23. Gates Industrial Corp PLC has a 12-month low of $14.70 and a 12-month high of $23.85. 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 analysts' consensus estimates of $0.33 by $0.03. The company 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 quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.31 EPS. As a group, research analysts expect 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 company's stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. This trade represents a 46.71% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.70% of the stock is owned by insiders.

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.