By otakuyassine3@gmail.com 
Arizona State Retirement System raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES – Free Report) by 16.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 70,048 shares of the company’s stock after purchasing an additional 9,838 shares during the quarter. Arizona State Retirement System’s holdings in Gates Industrial were worth $1,441,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Mutual of America Capital Management LLC bought a new position in shares of Gates Industrial during the 3rd quarter worth about $597,000. Foundry Partners LLC bought a new stake in Gates Industrial in the third quarter valued at about $4,247,000. Jennison Associates LLC increased its stake in Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after acquiring an additional 1,268,407 shares during the period. Verition Fund Management LLC increased its stake in Gates Industrial by 322.7% in the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock valued at $6,660,000 after acquiring an additional 289,722 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Gates Industrial by 20.1% in the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company’s stock valued at $19,154,000 after acquiring an additional 182,307 shares during the period. Institutional investors own 98.50% of the company’s stock.
Insider Transactions at Gates Industrial
In related news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on GTES. Evercore ISI upped their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. The Goldman Sachs Group upped their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Jefferies Financial Group upped their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. KeyCorp upped their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Finally, Royal Bank of Canada upped their price objective 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. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and an average price target of $24.22.
Read Our Latest Analysis on Gates Industrial
Gates Industrial Price Performance
Shares of Gates Industrial stock opened at $19.24 on Thursday. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 26.36 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 firm’s 50-day moving average price is $21.00 and its two-hundred day moving average price is $19.97.
Gates Industrial (NYSE:GTES – Get Free Report) last announced its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, equities analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal 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.
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