11,458 Shares in Gates Industrial Corp PLC (NYSE:GTES) Purchased by EMC Capital Management

EMC Capital Management acquired a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 11,458 shares of the company’s stock, valued at approximately $203,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GTES. Vanguard Group Inc. grew its holdings in Gates Industrial by 17.5% in the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after buying an additional 2,678,954 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Gates Industrial by 19.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock valued at $261,235,000 after purchasing an additional 2,450,526 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Gates Industrial by 14.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company’s stock valued at $130,285,000 after purchasing an additional 1,239,261 shares in the last quarter. Cooke & Bieler LP lifted its stake in shares of Gates Industrial by 7.9% in the 4th quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company’s stock valued at $109,427,000 after purchasing an additional 594,559 shares in the last quarter. Finally, Fiduciary Management Inc. WI lifted its stake in shares of Gates Industrial by 31.6% in the 4th quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company’s stock valued at $94,369,000 after purchasing an additional 1,689,991 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

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

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 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 sale, the insider now owns 77,326 shares of the company’s stock, valued at approximately $1,262,733.58. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.30% of the stock is owned by insiders.

Gates Industrial Stock Performance

Shares of GTES stock traded down $0.92 during trading on Friday, reaching $16.82. The company had a trading volume of 3,866,034 shares, compared to its average volume of 3,156,220. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.15. The firm’s 50 day simple moving average is $16.60 and its two-hundred day simple moving average is $16.04. The company has a market capitalization of $4.40 billion, a PE ratio of 18.48 and a beta of 1.44. Gates Industrial Corp PLC has a one year low of $10.68 and a one year high of $19.07.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $862.60 million for the quarter, compared to the consensus estimate of $866.00 million. Gates Industrial had a return on equity of 10.28% and a net margin of 7.24%. Sell-side analysts forecast that Gates Industrial Corp PLC will post 1.27 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.