LPL Financial LLC Increases Stake in Gates Industrial Corp PLC (NYSE:GTES)

LPL Financial LLC increased its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 12.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 154,916 shares of the company's stock after acquiring an additional 17,419 shares during the period. LPL Financial LLC owned about 0.06% of Gates Industrial worth $3,187,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GTES. Stifel Financial Corp boosted its position in Gates Industrial by 40.3% during the 3rd quarter. Stifel Financial Corp now owns 139,338 shares of the company's stock valued at $2,445,000 after buying an additional 40,027 shares during the period. Park Avenue Securities LLC lifted its position in Gates Industrial by 29.1% during the 4th quarter. Park Avenue Securities LLC now owns 49,939 shares of the company's stock valued at $1,027,000 after acquiring an additional 11,251 shares during the period. GAMMA Investing LLC grew its holdings in Gates Industrial by 29.0% in the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock worth $103,000 after purchasing an additional 1,130 shares during the period. Oliver Luxxe Assets LLC purchased a new position in shares of Gates Industrial during the fourth quarter valued at approximately $1,665,000. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Gates Industrial in the fourth quarter worth $2,154,000. Institutional investors own 98.50% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on GTES. Citigroup decreased their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research report on Monday. Barclays decreased their target price on shares of Gates Industrial from $25.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. The Goldman Sachs Group lowered their target price on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Royal Bank of Canada raised their price target on Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Finally, KeyCorp dropped their price target on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Gates Industrial currently has a consensus rating of "Moderate Buy" and an average price target of $22.67.

Gates Industrial Stock Up 0.0 %

Shares of Gates Industrial stock traded up $0.01 during trading on Thursday, hitting $16.85. 122,732 shares of the stock traded hands, compared to its average volume of 2,766,185. The company has a current ratio of 3.20, a quick ratio of 2.26 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 stock's fifty day simple moving average is $19.67 and its 200 day simple moving average is $20.09. The firm has a market cap of $4.30 billion, a P/E ratio of 23.07 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, equities analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the 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 transaction, the director now directly owns 188,452 shares of the company's stock, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by corporate insiders.

About Gates Industrial

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.