By otakuyassine3@gmail.com 
LPL Financial LLC increased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES – Free Report) by 12.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 154,916 shares of the company’s stock after acquiring an additional 17,419 shares during the period. LPL Financial LLC’s holdings in Gates Industrial were worth $3,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Assetmark Inc. increased its position in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after acquiring an additional 1,514 shares during the period. Versant Capital Management Inc lifted its position in Gates Industrial by 178.3% in the fourth 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 Gates Industrial by 38.1% in the fourth 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. GAMMA Investing LLC boosted its stake in Gates Industrial by 29.0% during the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after purchasing an additional 1,130 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of Gates Industrial by 180.6% during the 4th quarter. Venturi Wealth Management LLC now owns 8,640 shares of the company’s stock valued at $178,000 after purchasing an additional 5,561 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.
Gates Industrial Trading Up 1.1 %
Shares of GTES stock opened at $17.38 on Friday. 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 firm has a market capitalization of $4.44 billion, a P/E ratio of 23.80 and a beta of 1.24. The firm’s fifty day simple moving average is $19.98 and its 200 day simple moving average is $20.12. Gates Industrial Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85.
Gates Industrial (NYSE:GTES – Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, sell-side analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current year.
Wall Street Analyst Weigh In
Several brokerages have recently commented on GTES. The Goldman Sachs Group reduced their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Royal Bank of Canada upped their price target 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. Evercore ISI lifted their price objective 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. KeyCorp decreased their target price on shares of Gates Industrial from $27.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Barclays dropped their price target on shares of Gates Industrial from $25.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $23.00.
Check Out Our Latest Report on Gates Industrial
Insider Buying and Selling at Gates Industrial
In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the acquisition, the director now directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 2.30% of the company’s stock.
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.
Read More
Want to see what other hedge funds are holding GTES? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gates Industrial Corp PLC (NYSE:GTES – Free Report).
Receive News & Ratings for Gates Industrial Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Gates Industrial and related companies with MarketBeat.com’s FREE daily email newsletter.