LSV Asset Management increased its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 103.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,809,223 shares of the company's stock after acquiring an additional 1,430,149 shares during the period. LSV Asset Management owned approximately 1.06% of Gates Industrial worth $37,700,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the stock. SG Americas Securities LLC lifted its stake in shares of Gates Industrial by 796.0% in the 4th quarter. SG Americas Securities LLC now owns 88,480 shares of the company's stock valued at $1,187,000 after purchasing an additional 78,605 shares in the last quarter. Auxier Asset Management grew its stake in Gates Industrial by 10.8% during the third quarter. Auxier Asset Management now owns 174,349 shares of the company's stock worth $2,024,000 after buying an additional 17,000 shares during the period. Pacer Advisors Inc. increased its position in shares of Gates Industrial by 20.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,613,276 shares of the company's stock worth $48,490,000 after acquiring an additional 624,517 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Gates Industrial by 8.9% during the 3rd quarter. American Century Companies Inc. now owns 7,602,491 shares of the company's stock valued at $88,265,000 after acquiring an additional 620,131 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Gates Industrial by 28.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 12,300,192 shares of the company's stock worth $165,069,000 after purchasing an additional 2,697,624 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on GTES. Wolfe Research upgraded Gates Industrial from a "peer perform" rating to an "outperform" rating and set a $20.00 price objective on the stock in a report on Friday, March 8th. 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 report on Thursday, February 22nd. TheStreet upgraded shares of Gates Industrial from a "c+" rating to a "b-" rating in a research note on Monday, January 8th. Robert W. Baird lifted their price target on Gates Industrial from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Jefferies Financial Group started coverage on Gates Industrial in a research note on Thursday, February 29th. They set a "buy" rating and a $21.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $18.78.
Read Our Latest Stock Analysis on GTES
Gates Industrial Stock Performance
Shares of NYSE GTES traded up $0.30 during mid-day trading on Monday, hitting $16.48. The company had a trading volume of 2,364,745 shares, compared to its average volume of 2,827,610. Gates Industrial Corp PLC has a 12 month low of $10.68 and a 12 month high of $17.99. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of 18.11 and a beta of 1.54. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.15. The firm's 50 day simple moving average is $16.92 and its two-hundred day simple moving average is $14.10.
Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.10. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. The company had revenue of $863.30 million for the quarter, compared to analysts' expectations of $892.40 million. As a group, equities research analysts forecast that Gates Industrial Corp PLC will post 1.32 earnings per share for the current year.
Insider Buying and Selling at Gates Industrial
In related news, Director Wilson S. Neely purchased 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, for a total transaction of $132,400.00. Following the transaction, 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 Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Neil P. Simpkins purchased 1,000,000 shares of the business's stock in a transaction dated Friday, February 16th. The shares were acquired at an average price of $12.20 per share, for a total transaction of $12,200,000.00. Following the completion of the acquisition, the director now directly owns 1,000,000 shares of the company's stock, valued at $12,200,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wilson S. Neely acquired 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average cost 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. Insiders bought 1,030,492 shares of company stock valued at $12,582,402 in the last ninety days. Company insiders own 2.30% of the company's stock.
Gates Industrial Profile
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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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