Polar Asset Management Partners Inc. Acquires New Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Polar Asset Management Partners Inc. acquired a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 185,500 shares of the company's stock, valued at approximately $3,816,000. Polar Asset Management Partners Inc. owned about 0.07% of Gates Industrial as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quantinno Capital Management LP boosted its holdings in shares of Gates Industrial by 100.2% in the fourth quarter. Quantinno Capital Management LP now owns 404,852 shares of the company's stock valued at $8,328,000 after acquiring an additional 202,588 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Gates Industrial by 2.3% during the fourth quarter. Nuveen Asset Management LLC now owns 501,433 shares of the company's stock worth $10,314,000 after acquiring an additional 11,392 shares during the last quarter. Millennium Management LLC boosted its position in Gates Industrial by 278.7% during the fourth quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock worth $27,090,000 after acquiring an additional 969,263 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new stake in Gates Industrial during the fourth quarter worth approximately $1,543,000. Finally, Interval Partners LP acquired a new stake in Gates Industrial during the fourth quarter worth approximately $14,108,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Shares of GTES stock traded down $0.32 during trading hours on Wednesday, reaching $21.27. The stock had a trading volume of 674,160 shares, compared to its average volume of 2,911,450. The firm has a market capitalization of $5.48 billion, a PE ratio of 29.15 and a beta of 1.23. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The firm has a 50-day simple moving average of $18.86 and a 200-day simple moving average of $20.35. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share 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 analyst estimates of $823.56 million. During the same quarter last year, the firm posted $0.31 EPS. The business's revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Analyst Ratings Changes

GTES has been the topic of a number of analyst reports. Morgan Stanley decreased their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Barclays boosted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, May 12th. KeyCorp boosted their target price on shares of Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group decreased their target price on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Gates Industrial has an average rating of "Moderate Buy" and an average price target of $22.89.

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 stock was acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares of the company's stock, valued at $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company's stock.

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.