Northern Trust Corp Grows Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Northern Trust Corp boosted its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 29.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,485,723 shares of the company's stock after buying an additional 338,619 shares during the quarter. Northern Trust Corp owned approximately 0.58% of Gates Industrial worth $30,561,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GTES. Principal Financial Group Inc. raised its position 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 worth $18,670,000 after acquiring an additional 1,048,596 shares in the last quarter. GAMMA Investing LLC grew its stake in Gates Industrial by 29.0% during the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock worth $103,000 after buying an additional 1,130 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Gates Industrial in the 4th quarter valued at $2,154,000. Park Avenue Securities LLC increased its stake in Gates Industrial by 29.1% in the fourth quarter. Park Avenue Securities LLC now owns 49,939 shares of the company's stock valued at $1,027,000 after purchasing an additional 11,251 shares during the period. Finally, Kera Capital Partners Inc. acquired a new stake in shares of Gates Industrial during the fourth quarter worth about $205,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the company. Barclays reduced their price objective on Gates Industrial from $25.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Evercore ISI upped their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 19th. Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. The Goldman Sachs Group reduced their target price 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. Finally, Citigroup cut their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a report on Monday, April 14th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.78.

Gates Industrial Trading Up 0.4 %

Shares of GTES opened at $20.75 on Friday. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month 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 firm has a market capitalization of $5.35 billion, a P/E ratio of 28.42 and a beta of 1.23. The firm's 50-day moving average is $18.51 and its two-hundred day moving average is $20.19.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The business 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 company's revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. On average, research analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Insider Activity at Gates Industrial

In related news, Director Fredrik J. Eliasson acquired 60,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

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.

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