Hsbc Holdings PLC Acquires New Shares in Gates Industrial Corp PLC (NYSE:GTES)

Hsbc Holdings PLC bought a new position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 47,883 shares of the company's stock, valued at approximately $983,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Franklin Resources Inc. raised its position in Gates Industrial by 138.0% during the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company's stock valued at $68,159,000 after acquiring an additional 2,220,277 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock valued at $18,670,000 after purchasing an additional 1,048,596 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock valued at $51,000 after purchasing an additional 1,598 shares during the last quarter. GAMMA Investing LLC boosted 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 in the last quarter. Finally, Oliver Luxxe Assets LLC acquired a new position in Gates Industrial during the fourth quarter worth $1,665,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Trading Up 4.0 %

GTES stock opened at $19.82 on Friday. Gates Industrial Corp PLC has a 1-year low of $14.70 and a 1-year high of $23.85. 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 $18.55 and its 200-day moving average is $20.13. The firm has a market cap of $5.11 billion, a P/E ratio of 27.15 and a beta of 1.23.

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 for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analysts' expectations of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business's revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.31 earnings per share. Equities analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on GTES. Barclays dropped their price target on shares of Gates Industrial from $25.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Evercore ISI upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a report on Wednesday, February 19th. Morgan Stanley dropped their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Thursday. The Goldman Sachs Group cut their price target on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Finally, Royal Bank of Canada raised 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. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $22.78.

Insider Buying and Selling

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the company's 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 acquisition, 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 acquisition was disclosed in a filing with the SEC, which is available through this link. 2.30% of the stock is currently 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.

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