Point72 Asset Management L.P. Buys 1,437,281 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Point72 Asset Management L.P. boosted its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 209.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,122,079 shares of the company's stock after purchasing 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 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC boosted its holdings in shares of Gates Industrial by 3.2% in the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company's stock worth $331,000 after buying an additional 452 shares during the last quarter. EP Wealth Advisors LLC raised its position in Gates Industrial by 3.6% in the fourth quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock worth $298,000 after acquiring an additional 504 shares during the period. MetLife Investment Management LLC raised its position in Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after acquiring an additional 567 shares during the period. United Services Automobile Association boosted its stake in Gates Industrial by 4.8% in the fourth quarter. United Services Automobile Association now owns 14,054 shares of the company's stock valued at $289,000 after acquiring an additional 646 shares during the last quarter. Finally, Utah Retirement Systems grew its position in shares of Gates Industrial by 6.4% during the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock valued at $241,000 after acquiring an additional 700 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Insider Buying and Selling

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was bought 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 owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. This represents a 46.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on GTES shares. The Goldman Sachs Group lowered their price target on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Barclays raised their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. KeyCorp boosted their target price on Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Royal Bank of Canada increased their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Finally, Citigroup decreased their price objective on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a report on Monday, April 14th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Gates Industrial currently has an average rating of "Moderate Buy" and an average price target of $22.89.

Gates Industrial Stock Performance

Shares of NYSE GTES traded down $0.60 during mid-day trading on Wednesday, hitting $21.00. The company had a trading volume of 722,967 shares, compared to its average volume of 2,911,670. 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 Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85. The company has a market capitalization of $5.41 billion, a price-to-earnings ratio of 28.78 and a beta of 1.23. The stock's 50-day moving average price is $18.86 and its 200-day moving average price is $20.35.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. During the same quarter in the previous year, the firm earned $0.31 EPS. The company's quarterly revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Gates Industrial 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.