UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Buys 3,046,064 Shares of Gates Industrial Corp PLC (NYSE:GTES)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 540.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,609,471 shares of the company's stock after buying an additional 3,046,064 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 1.42% of Gates Industrial worth $74,247,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of GTES. Squarepoint Ops LLC increased its holdings in shares of Gates Industrial by 30.8% during the fourth quarter. Squarepoint Ops LLC now owns 458,837 shares of the company's stock valued at $9,438,000 after purchasing an additional 108,145 shares during the period. Teza Capital Management LLC acquired a new stake in shares of Gates Industrial in the fourth quarter worth $1,697,000. State of Wyoming acquired a new position in Gates Industrial during the fourth quarter valued at $254,000. Silvercrest Asset Management Group LLC boosted its holdings in shares of Gates Industrial by 32.0% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 1,001,485 shares of the company's stock worth $20,601,000 after purchasing an additional 243,004 shares during the period. Finally, Point72 Asset Management L.P. grew its stake in Gates Industrial by 209.9% in the fourth quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company's stock valued at $43,651,000 after purchasing an additional 1,437,281 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Barclays boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. KeyCorp raised their price objective on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Evercore ISI upped their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Gates Industrial has a consensus rating of "Moderate Buy" and a consensus price target of $22.89.

Gates Industrial Stock Down 1.1%

Gates Industrial stock traded down $0.24 during trading on Friday, hitting $21.14. 203,683 shares of the company were exchanged, compared to its average volume of 2,882,941. 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 business's 50 day moving average is $19.09 and its 200 day moving average is $20.37. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85. The company has a market capitalization of $5.45 billion, a P/E ratio of 29.05 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. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The company had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. During the same period in the prior year, the company posted $0.31 earnings per share. Gates Industrial's quarterly revenue was down 1.7% on a year-over-year basis. Analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Activity

In related news, Director Fredrik J. Eliasson acquired 60,000 shares of the company's stock in a transaction dated Friday, March 7th. The stock was purchased at an average price 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 $3,686,121.12. This trade represents a 46.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company 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.