Lighthouse Investment Partners LLC purchased a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 75,000 shares of the company's stock, valued at approximately $1,543,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GeoWealth Management LLC raised its holdings in Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after buying an additional 789 shares during the last quarter. Assetmark Inc. raised its holdings in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after buying an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Gates Industrial during the 4th quarter valued at $43,000. SRS Capital Advisors Inc. raised its holdings in Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after buying an additional 724 shares during the last quarter. Finally, MetLife Investment Management LLC raised its holdings in Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after buying an additional 567 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on the stock. The Goldman Sachs Group lowered their price target on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Evercore ISI raised their target price 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. Citigroup dropped their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Royal Bank of Canada raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Barclays raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $22.89.
Get Our Latest Analysis on Gates Industrial
Gates Industrial Stock Up 1.1%
NYSE GTES traded up $0.25 during trading hours on Friday, reaching $22.16. 1,959,986 shares of the company's stock traded hands, compared to its average volume of 2,934,241. Gates Industrial Corp PLC has a 52-week low of $14.70 and a 52-week high of $23.85. The firm has a market cap of $5.71 billion, a PE ratio of 30.35 and a beta of 1.23. The firm has a 50-day simple moving average of $18.75 and a 200 day simple moving average of $20.31. 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 (NYSE:GTES - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The company had revenue of $847.60 million during the quarter, compared to analysts' expectations of $823.56 million. During the same period last year, the company posted $0.31 EPS. Gates Industrial's revenue was down 1.7% on a year-over-year basis. Sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.
Insider Activity at Gates Industrial
In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, for a total transaction 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 trade represents a 46.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by corporate insiders.
Gates Industrial Company Profile
(
Free Report)
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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