Silvercrest Asset Management Group LLC Has $20.60 Million Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Silvercrest Asset Management Group LLC lifted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 32.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,001,485 shares of the company's stock after purchasing an additional 243,004 shares during the quarter. Silvercrest Asset Management Group LLC owned about 0.39% of Gates Industrial worth $20,601,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC grew its holdings in Gates Industrial by 48.9% in the 4th 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 in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Gates Industrial by 4.1% in the fourth 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 in the last quarter. Invesco Ltd. lifted its holdings in shares of Gates Industrial by 2.3% in the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock valued at $152,354,000 after purchasing an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI lifted its holdings in shares of Gates Industrial by 0.3% in the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock valued at $148,615,000 after purchasing an additional 21,191 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Gates Industrial by 1.3% in the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock valued at $135,145,000 after purchasing an additional 85,253 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GTES has been the subject of a number of research analyst reports. Citigroup reduced their target price on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a report on Monday, April 14th. Royal Bank of Canada increased their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Morgan Stanley cut their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. The Goldman Sachs Group cut their price objective on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Finally, KeyCorp increased their price objective on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Gates Industrial has a consensus rating of "Moderate Buy" and an average price target of $22.89.

Insider Activity at Gates Industrial

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the business's stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of 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 available at this hyperlink. 2.30% of the stock is currently owned by company insiders.

Gates Industrial Price Performance

Shares of Gates Industrial stock traded down $0.28 during midday trading on Tuesday, reaching $21.59. The company had a trading volume of 1,824,438 shares, compared to its average volume of 2,920,255. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 29.58 and a beta of 1.23. The stock has a fifty day simple moving average of $18.86 and a 200 day simple moving average of $20.35. Gates Industrial Corp PLC has a 1-year low of $14.70 and a 1-year high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last issued 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 business had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Gates Industrial's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.31 earnings per share. As a group, equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

About Gates Industrial

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.