Portolan Capital Management LLC Makes New Investment in Gates Industrial Corp PLC (NYSE:GTES)

Portolan Capital Management LLC acquired a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,117,238 shares of the company's stock, valued at approximately $22,982,000. Gates Industrial makes up approximately 1.5% of Portolan Capital Management LLC's holdings, making the stock its 16th largest position. Portolan Capital Management LLC owned approximately 0.44% of Gates Industrial at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC boosted its position in shares of Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after acquiring an additional 6,383,165 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Gates Industrial by 4.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock worth $317,461,000 after buying an additional 616,687 shares in the last quarter. Invesco Ltd. lifted its position in shares of Gates Industrial by 2.3% during the 4th quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock worth $152,354,000 after buying an additional 168,328 shares during the last quarter. State Street Corp boosted its stake in Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company's stock valued at $114,485,000 after buying an additional 3,459,450 shares in the last quarter. Finally, Jennison Associates LLC increased its position in Gates Industrial by 31.5% during the 4th quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock worth $109,038,000 after purchasing an additional 1,268,716 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. The trade was a 46.71 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 2.30% of the stock is owned by company insiders.

Gates Industrial Trading Up 0.5 %

Shares of GTES stock traded up $0.09 during trading hours on Friday, hitting $16.93. 1,226,176 shares of the company were exchanged, compared to its average volume of 2,982,377. The company has a 50 day simple moving average of $19.45 and a two-hundred day simple moving average of $20.08. The firm has a market cap of $4.32 billion, a P/E ratio of 23.19 and a beta of 1.24. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting analysts' consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. KeyCorp reduced their price objective on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Citigroup cut their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Royal Bank of Canada lifted their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Evercore ISI raised their price objective 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. Finally, Barclays reduced their target price on Gates Industrial from $25.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $22.67.

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.