Raymond James Financial Inc. acquired a new stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,045,677 shares of the company's stock, valued at approximately $42,080,000. Raymond James Financial Inc. owned about 0.80% of Gates Industrial as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Assetmark Inc. increased its stake in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after buying an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Gates Industrial during the fourth quarter valued at approximately $43,000. Versant Capital Management Inc boosted its position in Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock valued at $51,000 after purchasing an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. grew its stake in Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after purchasing an additional 724 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Gates Industrial by 29.0% during the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock worth $103,000 after purchasing an additional 1,130 shares during the last quarter. Institutional investors own 98.50% of the company's stock.
Insiders Place Their Bets
In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the acquisition, the director now 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 purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company's stock.
Gates Industrial Stock Performance
Shares of NYSE GTES traded down $0.45 during trading hours on Monday, reaching $16.48. 65,819 shares of the stock were exchanged, compared to its average volume of 2,977,296. The stock's fifty day simple moving average is $19.45 and its 200 day simple moving average is $20.12. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 22.60 and a beta of 1.24. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85. 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 (NYSE:GTES - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Sell-side analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current year.
Analysts Set New Price Targets
Several equities research analysts have recently commented on the company. Barclays cut their price objective on Gates Industrial from $25.00 to $22.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. The Goldman Sachs Group decreased their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Citigroup dropped their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a report on Monday, April 14th. KeyCorp reduced their price target on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Royal Bank of Canada upped their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.67.
Check Out Our Latest Analysis on GTES
Gates Industrial Profile
(
Free Report)
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.
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