Thrivent Financial for Lutherans Purchases 378,477 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Thrivent Financial for Lutherans boosted its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 39.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,336,894 shares of the company’s stock after purchasing an additional 378,477 shares during the period. Thrivent Financial for Lutherans owned about 0.52% of Gates Industrial worth $27,500,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Assetmark Inc. grew its stake in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after acquiring an additional 1,514 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after purchasing an additional 1,598 shares during the period. SRS Capital Advisors Inc. lifted its position in shares of Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares during the period. Quarry LP purchased a new stake in shares of Gates Industrial in the 3rd quarter worth approximately $71,000. Finally, KBC Group NV lifted its position in shares of Gates Industrial by 35.1% in the 3rd quarter. KBC Group NV now owns 5,646 shares of the company’s stock worth $99,000 after purchasing an additional 1,468 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Up 0.3 %

NYSE:GTES opened at $19.66 on Friday. The firm has a market capitalization of $5.02 billion, a P/E ratio of 26.94 and a beta of 1.33. Gates Industrial Corp PLC has a 1-year low of $15.14 and a 1-year high of $23.85. The company’s fifty day moving average price is $20.85 and its 200-day moving average price is $20.02. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, equities research analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Evercore ISI upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Jefferies Financial Group increased their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Royal Bank of Canada increased their target price 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. Finally, The Goldman Sachs Group decreased their target price on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average price target of $24.11.

Insider Activity at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 2.30% of the stock is owned by company insiders.

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.