Allspring Global Investments Holdings LLC Grows Stake in Gates Industrial Corp PLC (NYSE:GTES)

Allspring Global Investments Holdings LLC lifted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 28.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,300,192 shares of the company's stock after purchasing an additional 2,697,624 shares during the period. Allspring Global Investments Holdings LLC owned about 4.66% of Gates Industrial worth $165,069,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of GTES. AQR Capital Management LLC increased its stake in shares of Gates Industrial by 105.5% during the third quarter. AQR Capital Management LLC now owns 7,044,308 shares of the company's stock worth $81,784,000 after purchasing an additional 3,617,020 shares in the last quarter. Vanguard Group Inc. grew its stake in Gates Industrial by 12.4% during the 3rd quarter. Vanguard Group Inc. now owns 13,810,748 shares of the company's stock valued at $160,343,000 after acquiring an additional 1,520,338 shares in the last quarter. Morgan Stanley grew its stake in Gates Industrial by 216.5% during the 3rd quarter. Morgan Stanley now owns 2,220,296 shares of the company's stock valued at $25,778,000 after acquiring an additional 1,518,793 shares in the last quarter. LSV Asset Management purchased a new stake in Gates Industrial during the 3rd quarter valued at about $16,011,000. Finally, FMR LLC grew its stake in Gates Industrial by 12,858.4% during the 1st quarter. FMR LLC now owns 1,198,006 shares of the company's stock valued at $16,640,000 after acquiring an additional 1,188,761 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Up 1.5 %

Shares of GTES stock traded up $0.26 during trading hours on Monday, hitting $17.53. The company had a trading volume of 2,511,770 shares, compared to its average volume of 2,996,347. The company's fifty day moving average is $15.36 and its 200 day moving average is $13.28. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $17.86. The stock has a market capitalization of $4.63 billion, a PE ratio of 20.62 and a beta of 1.57.

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

Insider Buying and Selling at Gates Industrial

In other news, Director Wilson S. Neely acquired 10,000 shares of the company's stock in a transaction on 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 transaction, the director now owns 56,664 shares in the company, valued at approximately $750,231.36. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm's stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.04, for a total value of $292,284,244.00. Following the completion of the sale, the insider now owns 107,324 shares in the company, valued at approximately $1,292,180.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wilson S. Neely bought 10,000 shares of Gates Industrial stock in a transaction dated Tuesday, February 20th. The stock was purchased at an average price of $13.24 per share, with a total value of $132,400.00. Following the purchase, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The disclosure for this purchase can be found here. In the last three months, insiders have bought 1,030,492 shares of company stock valued at $12,582,402. Insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on GTES shares. Evercore ISI upped their price objective on shares of Gates Industrial from $12.50 to $14.00 and gave the company an "in-line" rating in a research note on Tuesday, February 20th. KeyCorp raised shares of Gates Industrial from a "sector weight" rating to an "overweight" rating and set a $18.00 price objective for the company in a research note on Thursday, February 22nd. Jefferies Financial Group assumed coverage on shares of Gates Industrial in a research note on Thursday, February 29th. They set a "buy" rating and a $21.00 price objective for the company. Citigroup boosted their target price on shares of Gates Industrial from $17.00 to $20.00 and gave the company a "buy" rating in a report on Monday. Finally, TheStreet upgraded shares of Gates Industrial from a "c+" rating to a "b-" rating in a report on Monday, January 8th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $17.61.

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.

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