Hudson Bay Capital Management LP Raises Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Hudson Bay Capital Management LP raised its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 170.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 580,929 shares of the company's stock after purchasing an additional 365,929 shares during the quarter. Hudson Bay Capital Management LP owned approximately 0.23% of Gates Industrial worth $11,950,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in GTES. GeoWealth Management LLC lifted its holdings in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after buying an additional 789 shares in the last quarter. Assetmark Inc. raised its position in Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after purchasing an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in Gates Industrial in the fourth quarter valued at about $43,000. SRS Capital Advisors Inc. raised its position in Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after purchasing an additional 724 shares during the last quarter. Finally, MetLife Investment Management LLC raised its position in shares of 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 acquiring an additional 567 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on GTES shares. KeyCorp raised their price objective on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Evercore ISI raised their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Morgan Stanley dropped their target price on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. The Goldman Sachs Group dropped their target price on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Finally, Barclays lifted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.89.

Insider Buying and Selling

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm's stock in a transaction on Friday, March 7th. The shares were purchased at an average cost 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 of the company's stock, valued at $3,686,121.12. The trade was a 46.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by company insiders.

Gates Industrial Stock Performance

Shares of NYSE GTES traded up $0.25 during mid-day trading on Friday, hitting $22.16. The company had a trading volume of 1,959,986 shares, compared to its average volume of 2,935,138. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 30.35 and a beta of 1.23. 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 stock's 50-day moving average price is $18.75 and its 200-day moving average price is $20.32.

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 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 analysts' expectations of $823.56 million. During the same period in the previous year, the business earned $0.31 earnings per share. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current 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.