Walleye Capital LLC Boosts Stake in Gates Industrial Corp PLC (NYSE:GTES)

Walleye Capital LLC boosted its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 2,627.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,186,372 shares of the company's stock after acquiring an additional 1,142,872 shares during the period. Walleye Capital LLC owned 0.47% of Gates Industrial worth $24,404,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of GTES. Assetmark Inc. boosted its holdings in shares of Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after purchasing an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Gates Industrial during the 4th quarter worth approximately $43,000. Versant Capital Management Inc grew its holdings in shares of Gates Industrial by 178.3% in 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 in the last quarter. SRS Capital Advisors Inc. raised its stake in Gates Industrial by 38.1% during 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 grew its stake in shares of Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock worth $103,000 after buying an additional 1,130 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

Analysts Set New Price Targets

GTES has been the subject of a number of analyst reports. The Goldman Sachs Group lowered their price target on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Barclays decreased their price target on Gates Industrial from $25.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. KeyCorp lowered their target price on shares of Gates Industrial from $27.00 to $21.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Evercore ISI raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock 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 given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $22.67.

Insider Buying and Selling

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Gates Industrial Stock Up 0.5 %

GTES stock traded up $0.09 during trading on Friday, hitting $16.93. 1,226,176 shares of the company's stock traded hands, compared to its average volume of 2,982,377. The business has a fifty day simple moving average of $19.45 and a two-hundred day simple moving average of $20.08. 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 firm has a market capitalization of $4.32 billion, a P/E ratio of 23.19 and a beta of 1.24. 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 released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting analysts' consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

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.