By otakuyassine3@gmail.com 
Atria Investments Inc lessened its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES – Free Report) by 5.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 37,977 shares of the company’s stock after selling 2,277 shares during the period. Atria Investments Inc’s holdings in Gates Industrial were worth $781,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in GTES. Assetmark Inc. grew its stake in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after buying an additional 1,514 shares during the last quarter. Versant Capital Management Inc grew its stake in Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after buying an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. grew its stake in Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after buying an additional 724 shares during the last quarter. Venturi Wealth Management LLC grew its stake in Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after buying an additional 814 shares during the last quarter. Finally, Quarry LP purchased a new position in shares of Gates Industrial in the 3rd quarter valued at approximately $71,000. Institutional investors and hedge funds own 98.50% of the company’s stock.
Insider Buying and Selling
In related news, Director Fredrik J. Eliasson purchased 60,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. The trade was a 46.71 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Several research analysts have weighed in on GTES shares. KeyCorp lifted their target price 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 lifted their target price 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 target price on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Jefferies Financial Group lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Barclays lowered their target price on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.22.
Read Our Latest Stock Analysis on GTES
Gates Industrial Stock Down 2.3 %
GTES opened at $18.82 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The business has a 50 day simple moving average of $20.97 and a 200-day simple moving average of $19.97. The stock has a market capitalization of $4.81 billion, a P/E ratio of 25.77 and a beta of 1.33. Gates Industrial Corp PLC has a 12 month low of $15.14 and a 12 month high of $23.85.
Gates Industrial (NYSE:GTES – Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (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%. On average, equities analysts anticipate 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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