Price T Rowe Associates Inc. MD Has $2.61 Million Position in Gates Industrial Corp PLC (NYSE:GTES)

Price T Rowe Associates Inc. MD lifted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 21.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 126,892 shares of the company's stock after purchasing an additional 22,445 shares during the period. Price T Rowe Associates Inc. MD's holdings in Gates Industrial were worth $2,611,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of GTES. FMR LLC raised its stake in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after buying an additional 6,383,165 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake 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 purchasing an additional 616,687 shares during the period. Invesco Ltd. boosted its position in shares of Gates Industrial by 2.3% in the 4th quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock worth $152,354,000 after purchasing an additional 168,328 shares during the last quarter. Fiduciary Management Inc. WI grew its stake in shares of Gates Industrial by 0.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock worth $148,615,000 after purchasing an additional 21,191 shares during the period. Finally, Jennison Associates LLC increased its holdings in Gates Industrial by 31.5% in the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock valued at $109,038,000 after purchasing an additional 1,268,716 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Stock Up 0.4 %

Shares of GTES traded up $0.09 during mid-day trading on Friday, hitting $20.75. 1,326,978 shares of the company's stock were exchanged, compared to its average volume of 2,966,147. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85. The company has a market cap of $5.35 billion, a PE ratio of 28.42 and a beta of 1.23. The company has a 50-day simple moving average of $18.51 and a 200 day simple moving average of $20.18.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly 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. The firm had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business's revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $0.31 earnings per share. On average, research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the company's stock in a transaction that occurred on 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 acquisition, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on GTES. Citigroup decreased their target price on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Morgan Stanley reduced their price target 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. Evercore ISI upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. KeyCorp lifted their target price on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Finally, Barclays lowered their price target on Gates Industrial from $25.00 to $22.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.78.

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.