12,349 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by State of Wyoming

State of Wyoming acquired a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 12,349 shares of the company's stock, valued at approximately $254,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. GeoWealth Management LLC raised 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 acquiring an additional 789 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Gates Industrial by 2,968.6% in 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 acquired a new stake in shares of Gates Industrial in the fourth quarter worth approximately $43,000. SRS Capital Advisors Inc. boosted its stake in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock worth $54,000 after buying an additional 724 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after buying an additional 567 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Citigroup decreased their price target on Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. The Goldman Sachs Group upped their price target on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Royal Bank of Canada upped their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Finally, Evercore ISI increased their target price 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. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Gates Industrial currently has an average rating of "Moderate Buy" and an average target price of $22.89.

Gates Industrial Stock Performance

GTES stock traded down $0.03 during mid-day trading on Thursday, reaching $21.45. 207,727 shares of the stock traded hands, compared to its average volume of 2,886,111. 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 Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85. The business has a 50-day moving average of $19.06 and a two-hundred day moving average of $20.37. The firm has a market capitalization of $5.53 billion, a PE ratio of 29.38 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 for the quarter, beating the consensus estimate of $0.33 by $0.03. The business 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 firm's revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company earned $0.31 earnings per share. As a group, equities analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is currently owned by corporate 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.