Silvercrest Asset Management Group LLC Increases Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Silvercrest Asset Management Group LLC increased its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 32.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,001,485 shares of the company's stock after buying an additional 243,004 shares during the quarter. Silvercrest Asset Management Group LLC owned 0.39% of Gates Industrial worth $20,601,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. FMR LLC boosted its position in 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 purchasing an additional 6,383,165 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in 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 worth $317,461,000 after buying an additional 616,687 shares during the period. Invesco Ltd. grew its stake in Gates Industrial by 2.3% in the 4th quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock valued at $152,354,000 after buying an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI raised its holdings in Gates Industrial by 0.3% during the 4th quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock valued at $148,615,000 after acquiring an additional 21,191 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of Gates Industrial by 1.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock worth $135,145,000 after acquiring an additional 85,253 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost 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 in the company, valued at approximately $3,686,121.12. The trade was a 46.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

GTES has been the topic of several analyst reports. Barclays upped their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Thursday. Royal Bank of Canada boosted their price target 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. The Goldman Sachs Group decreased 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. Finally, Evercore ISI lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $22.89.

Gates Industrial Trading Down 0.7%

Shares of GTES traded down $0.15 during trading hours on Thursday, hitting $21.15. The company had a trading volume of 433,264 shares, compared to its average volume of 2,906,516. Gates Industrial Corp PLC has a 52-week low of $14.70 and a 52-week high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The stock's 50 day moving average price is $18.89 and its 200 day moving average price is $20.36. The firm has a market cap of $5.45 billion, a P/E ratio of 28.99 and a beta of 1.23.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. During the same quarter in the prior year, the firm posted $0.31 earnings per share. The business's quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts predict that Gates Industrial Corp PLC will post 1.36 EPS 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.