Schonfeld Strategic Advisors LLC Buys 198,671 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Schonfeld Strategic Advisors LLC increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 1,460.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 212,273 shares of the company's stock after acquiring an additional 198,671 shares during the period. Schonfeld Strategic Advisors LLC owned about 0.08% of Gates Industrial worth $4,366,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of GTES. Park Avenue Securities LLC raised its holdings in shares of Gates Industrial by 29.1% during the fourth quarter. Park Avenue Securities LLC now owns 49,939 shares of the company's stock worth $1,027,000 after purchasing an additional 11,251 shares during the last quarter. GAMMA Investing LLC grew its holdings in Gates Industrial by 29.0% during the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock worth $103,000 after acquiring an additional 1,130 shares during the period. Oliver Luxxe Assets LLC purchased a new stake in shares of Gates Industrial during the fourth quarter worth about $1,665,000. Assenagon Asset Management S.A. purchased a new position in Gates Industrial in the 4th quarter worth approximately $2,154,000. Finally, KBC Group NV lifted its position in shares of Gates Industrial by 2,487.4% during the fourth quarter. KBC Group NV now owns 146,086 shares of the company's stock worth $3,005,000 after purchasing an additional 140,440 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Wall Street Analyst Weigh In

GTES has been the subject of several recent research reports. KeyCorp increased their price objective on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Barclays cut their price objective on shares of Gates Industrial from $25.00 to $22.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Evercore ISI boosted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. Royal Bank of Canada boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Morgan Stanley lowered their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Gates Industrial presently has an average rating of "Moderate Buy" and a consensus price target of $22.78.

Insider Transactions at Gates Industrial

In related news, Director Fredrik J. Eliasson acquired 60,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the acquisition, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.30% of the company's stock.

Gates Industrial Stock Up 2.8 %

Shares of GTES traded up $0.57 during trading hours on Thursday, reaching $20.68. The company's stock had a trading volume of 275,613 shares, compared to its average volume of 2,957,631. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of 28.32 and a beta of 1.23. The company has a 50 day moving average of $18.47 and a two-hundred day moving average of $20.15. Gates Industrial Corp PLC has a 1-year low of $14.70 and a 1-year high of $23.85. 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 (NYSE:GTES - Get Free Report) last announced its quarterly 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 company had revenue of $847.60 million for 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%. Gates Industrial's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.31 earnings per share. As a group, research analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

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.