Vanguard Group Inc. Has $160.34 Million Stake in Gates Industrial Corp PLC (NYSE:GTES)

Vanguard Group Inc. increased its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 12.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,810,748 shares of the company's stock after purchasing an additional 1,520,338 shares during the period. Vanguard Group Inc. owned 5.23% of Gates Industrial worth $160,343,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTES. AQR Capital Management LLC grew its position in shares of Gates Industrial by 105.5% in the third quarter. AQR Capital Management LLC now owns 7,044,308 shares of the company's stock valued at $81,784,000 after purchasing an additional 3,617,020 shares during the period. Morgan Stanley grew its position in shares of Gates Industrial by 216.5% in the third quarter. Morgan Stanley now owns 2,220,296 shares of the company's stock valued at $25,778,000 after purchasing an additional 1,518,793 shares during the period. LSV Asset Management purchased a new stake in shares of Gates Industrial in the third quarter valued at $16,011,000. FMR LLC grew its position in shares of Gates Industrial by 12,858.4% in the first quarter. FMR LLC now owns 1,198,006 shares of the company's stock valued at $16,640,000 after purchasing an additional 1,188,761 shares during the period. Finally, Norges Bank purchased a new stake in Gates Industrial during the fourth quarter valued at about $12,417,000. Hedge funds and other institutional investors own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

GTES has been the subject of a number of research reports. TheStreet raised Gates Industrial from a "c+" rating to a "b-" rating in a research report on Monday, January 8th. Jefferies Financial Group initiated coverage on Gates Industrial in a research report on Thursday, February 29th. They set a "buy" rating and a $21.00 price target for the company. Wolfe Research raised Gates Industrial from a "peer perform" rating to an "outperform" rating and set a $20.00 price target for the company in a research report on Friday, March 8th. KeyCorp raised Gates Industrial from a "sector weight" rating to an "overweight" rating and set a $18.00 price target for the company in a research report on Thursday, February 22nd. Finally, Evercore ISI boosted their price target on Gates Industrial from $12.50 to $14.00 and gave the company an "in-line" rating in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.17.

Insider Buying and Selling at Gates Industrial

In related news, Director Wilson S. Neely bought 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The stock was bought at an average cost of $13.24 per share, with a total value of $132,400.00. Following the completion of the acquisition, the director now owns 56,664 shares of the company's stock, valued at $750,231.36. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Neil P. Simpkins bought 1,000,000 shares of the stock in a transaction dated Friday, February 16th. The stock was bought at an average cost of $12.20 per share, with a total value of $12,200,000.00. Following the completion of the acquisition, the director now owns 1,000,000 shares of the company's stock, valued at $12,200,000. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Wilson S. Neely bought 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were bought at an average cost of $13.24 per share, with a total value of $132,400.00. Following the completion of the acquisition, the director now directly owns 56,664 shares of the company's stock, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders have bought 1,030,492 shares of company stock worth $12,582,402 over the last quarter. 2.30% of the stock is owned by corporate insiders.

Gates Industrial Stock Down 1.2 %

NYSE GTES traded down $0.21 on Tuesday, hitting $17.53. 2,685,097 shares of the stock traded hands, compared to its average volume of 3,021,689. The stock has a 50-day moving average of $15.01 and a 200 day moving average of $13.12. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $17.85. The company has a market capitalization of $4.63 billion, a P/E ratio of 20.62 and a beta of 1.57. The company has a current ratio of 3.08, a quick ratio of 2.25 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.10. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. The firm had revenue of $863.30 million for the quarter, compared to analysts' expectations of $892.40 million. As a group, analysts expect that Gates Industrial Corp PLC will post 1.32 earnings per share for the current fiscal year.

About Gates Industrial

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.