Lighthouse Investment Partners LLC Buys Shares of 75,000 Gates Industrial Corp PLC (NYSE:GTES)

Lighthouse Investment Partners LLC purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 75,000 shares of the company's stock, valued at approximately $1,543,000.

A number of other large investors have also modified their holdings of GTES. Principal Financial Group Inc. increased its holdings in Gates Industrial by 6,879.6% in the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock valued at $18,670,000 after buying an additional 1,048,596 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Gates Industrial during the 4th quarter valued at $2,154,000. Park Avenue Securities LLC increased 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 worth $1,027,000 after purchasing an additional 11,251 shares in the last quarter. Kera Capital Partners Inc. purchased a new position in Gates Industrial in the 4th quarter valued at about $205,000. Finally, Oliver Luxxe Assets LLC purchased a new position in shares of Gates Industrial during the fourth quarter valued at approximately $1,665,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Down 0.9%

GTES traded down $0.20 during trading on Monday, hitting $21.96. The company had a trading volume of 673,061 shares, compared to its average volume of 2,926,249. The company has a market cap of $5.66 billion, a PE ratio of 30.00 and a beta of 1.23. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. Gates Industrial Corp PLC has a 1-year low of $14.70 and a 1-year high of $23.85. The business has a 50-day moving average of $18.75 and a 200-day moving average of $20.32.

Gates Industrial (NYSE:GTES - Get Free Report) last posted 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. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same period in the prior year, the company posted $0.31 EPS. The business's revenue was down 1.7% compared to the same quarter last year. As a group, analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on GTES. Barclays upped their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Royal Bank of Canada raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Evercore ISI increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research report on Wednesday, February 19th. 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, Morgan Stanley decreased their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Three research 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.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.89.

Insider Activity at Gates Industrial

In other news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction 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 purchase, 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company's stock.

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.