State of Tennessee Department of Treasury Purchases 38,289 Shares of Gates Industrial Corp PLC (NYSE:GTES)

State of Tennessee Department of Treasury lifted its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 81.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,569 shares of the company's stock after acquiring an additional 38,289 shares during the period. State of Tennessee Department of Treasury's holdings in Gates Industrial were worth $1,760,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of GTES. FMR LLC lifted its holdings 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 valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock worth $317,461,000 after acquiring an additional 616,687 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock worth $152,354,000 after acquiring an additional 168,328 shares during the period. Fiduciary Management Inc. WI lifted its position in Gates Industrial by 0.3% in 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 in the last quarter. Finally, Jennison Associates LLC lifted its position in Gates Industrial by 31.5% in the 4th quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock valued at $109,038,000 after acquiring an additional 1,268,716 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

Insider Activity

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares of the company's stock, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.30% of the company's stock.

Gates Industrial Stock Up 4.0 %

Shares of NYSE GTES traded up $0.77 during trading on Friday, hitting $19.82. 3,046,953 shares of the company traded hands, compared to its average volume of 2,972,638. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 27.15 and a beta of 1.23. The business's fifty day moving average is $18.55 and its 200 day moving average is $20.12. 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 announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 EPS 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 quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 EPS. Equities research analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GTES has been the subject of several research reports. The Goldman Sachs Group decreased their price target on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Morgan Stanley lowered their target price on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Thursday. KeyCorp increased their price target on Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a research report on Thursday. Barclays lowered their target price on shares of Gates Industrial from $25.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Evercore ISI increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Gates Industrial 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.