Invesco Ltd. Acquires 168,328 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Invesco Ltd. increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,406,630 shares of the company's stock after acquiring an additional 168,328 shares during the quarter. Invesco Ltd. owned about 2.91% of Gates Industrial worth $152,354,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Assetmark Inc. grew its stake in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after buying an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial during the 4th quarter worth approximately $43,000. Versant Capital Management Inc increased its stake in Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock valued at $51,000 after acquiring an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. raised its position in Gates Industrial by 38.1% during 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 in the last quarter. Finally, GAMMA Investing LLC lifted its stake 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 purchasing an additional 1,130 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Up 0.5 %

Shares of NYSE GTES traded up $0.09 during midday trading on Friday, reaching $16.93. The stock had a trading volume of 1,226,176 shares, compared to its average volume of 2,974,617. The company's 50 day moving average price is $19.56 and its 200 day moving average price is $20.08. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of 23.19 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts' consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, sell-side analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This 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. Company insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

GTES has been the subject of a number of research analyst reports. Royal Bank of Canada boosted their price target on Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. The Goldman Sachs Group dropped their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. 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 report on Wednesday, February 19th. Citigroup lowered their target price on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a report on Monday. Finally, KeyCorp reduced their price target on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $22.67.

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.