Castleark Management LLC Invests $2.76 Million in Gates Industrial Corp PLC (NYSE:GTES)

Castleark Management LLC acquired a new stake in Gates Industrial Corp PLC (NYSE:GTES) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 155,910 shares of the company’s stock, valued at approximately $2,761,000. Castleark Management LLC owned approximately 0.06% of Gates Industrial at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GTES. GAMMA Investing LLC bought a new stake in shares of Gates Industrial during the 4th quarter worth approximately $27,000. Gladius Capital Management LP bought a new stake in Gates Industrial during the fourth quarter worth $48,000. TFO Wealth Partners LLC lifted its stake in Gates Industrial by 68,390.0% in the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after acquiring an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. grew its position in shares of Gates Industrial by 26.4% in the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock valued at $106,000 after acquiring an additional 1,654 shares during the period. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in shares of Gates Industrial during the 4th quarter worth about $147,000. 98.50% of the stock is owned by institutional investors.

Insider Transactions at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the sale, the insider now directly owns 77,326 shares in the company, valued at $1,262,733.58. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.30% of the company’s stock.

Gates Industrial Stock Performance

Shares of GTES traded down $0.92 during midday trading on Thursday, reaching $17.67. 1,917,814 shares of the stock were exchanged, compared to its average volume of 3,123,789. The stock’s 50 day simple moving average is $16.60 and its 200 day simple moving average is $16.03. The company has a market cap of $4.62 billion, a P/E ratio of 19.56 and a beta of 1.44. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $19.07. The company has a quick ratio of 2.15, a current ratio of 3.06 and a debt-to-equity ratio of 0.69.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $862.60 million for the quarter, compared to analyst estimates of $866.00 million. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. On average, sell-side analysts expect that Gates Industrial Corp PLC will post 1.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

GTES has been the subject of several recent analyst reports. Robert W. Baird cut their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday. The Goldman Sachs Group lifted their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday. Barclays dropped their price target on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th. Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Thursday. Finally, Citigroup increased their price objective on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

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.