Point72 Asset Management L.P. Has $43.65 Million Stake in Gates Industrial Corp PLC (NYSE:GTES)

Point72 Asset Management L.P. lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 209.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,122,079 shares of the company's stock after buying an additional 1,437,281 shares during the period. Point72 Asset Management L.P. owned about 0.83% of Gates Industrial worth $43,651,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GTES. FMR LLC increased its position in shares of Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after acquiring an additional 6,383,165 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Gates Industrial by 4.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock valued at $317,461,000 after buying an additional 616,687 shares during the last quarter. Invesco Ltd. grew its stake in shares of Gates Industrial by 2.3% in the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock valued at $152,354,000 after buying an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI grew its stake in shares of Gates Industrial by 0.3% in the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock valued at $148,615,000 after buying an additional 21,191 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Gates Industrial by 1.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock worth $135,145,000 after buying an additional 85,253 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were bought 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 approximately $3,686,121.12. This trade represents a 46.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on GTES. Royal Bank of Canada increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Evercore ISI boosted their price target on 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 price objective on Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Barclays lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Finally, Morgan Stanley dropped their price target on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial currently has an average rating of "Moderate Buy" and a consensus price target of $22.89.

Gates Industrial Stock Performance

Shares of NYSE:GTES traded down $0.28 on Monday, reaching $21.87. 1,992,249 shares of the company's stock were exchanged, compared to its average volume of 2,931,366. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The company has a fifty day moving average of $18.81 and a 200-day moving average of $20.34. The company has a market capitalization of $5.64 billion, a price-to-earnings ratio of 29.96 and a beta of 1.23. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate 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 in the previous year, the company earned $0.31 EPS. The business's revenue for the quarter was down 1.7% compared to the same quarter last year. On average, research analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

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.