Gates Industrial Corp PLC (NYSE:GTES) Director Acquires $1,173,600.00 in Stock

Gates Industrial Corp PLC (NYSE:GTES) Director Fredrik J. Eliasson acquired 60,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the acquisition, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Gates Industrial Price Performance

GTES stock traded up $0.57 on Tuesday, reaching $19.51. 3,278,005 shares of the company’s stock were exchanged, compared to its average volume of 2,923,615. Gates Industrial Corp PLC has a twelve month low of $15.14 and a twelve month high of $23.85. The firm has a market cap of $4.98 billion, a PE ratio of 26.73 and a beta of 1.33. The stock has a fifty day moving average of $21.02 and a 200-day moving average of $19.96. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

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 analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GTES shares. KeyCorp lifted their price objective on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Evercore ISI raised their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Royal Bank of Canada lifted their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Jefferies Financial Group lifted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Citigroup dropped their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.22.

Institutional Investors Weigh In On Gates Industrial

Several hedge funds have recently modified their holdings of GTES. GeoWealth Management LLC boosted its position in Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after acquiring an additional 789 shares during the last quarter. Assetmark Inc. increased its stake in Gates Industrial by 2,968.6% in the fourth 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 acquired a new stake in Gates Industrial in the 4th quarter worth about $43,000. Versant Capital Management Inc grew its holdings in Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after buying an additional 1,598 shares during the period. Finally, Venturi Wealth Management LLC increased its stake in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

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.