11,001 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by Cerity Partners LLC

Cerity Partners LLC bought a new stake in Gates Industrial Corp PLC (NYSE:GTES) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 11,001 shares of the company’s stock, valued at approximately $148,000.

Several other hedge funds also recently bought and sold shares of GTES. CWM LLC grew its stake in Gates Industrial by 293.1% in the third quarter. CWM LLC now owns 7,433 shares of the company’s stock valued at $86,000 after acquiring an additional 5,542 shares during the period. SG Americas Securities LLC bought a new position in shares of Gates Industrial during the 3rd quarter worth approximately $115,000. Raymond James & Associates lifted its holdings in shares of Gates Industrial by 16.2% during the third quarter. Raymond James & Associates now owns 163,266 shares of the company’s stock worth $1,896,000 after buying an additional 22,730 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Gates Industrial by 76.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,163 shares of the company’s stock worth $365,000 after acquiring an additional 13,465 shares during the period. Finally, Strs Ohio raised its holdings in Gates Industrial by 18.4% in the 3rd quarter. Strs Ohio now owns 161,840 shares of the company’s stock valued at $1,878,000 after acquiring an additional 25,138 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Price Performance

Shares of GTES opened at $17.63 on Wednesday. The business has a 50-day simple moving average of $16.76 and a two-hundred day simple moving average of $13.96. Gates Industrial Corp PLC has a 12-month low of $10.68 and a 12-month high of $17.99. The stock has a market cap of $4.66 billion, a PE ratio of 20.74 and a beta of 1.57. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.10. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. The company had revenue of $863.30 million during the quarter, compared to the consensus estimate of $892.40 million. Analysts anticipate that Gates Industrial Corp PLC will post 1.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GTES has been the topic of a number of recent analyst reports. TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Citigroup boosted their price objective on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Wolfe Research raised Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a report on Friday, March 8th. The Goldman Sachs Group boosted their price target on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Finally, Jefferies Financial Group started coverage on Gates Industrial in a research note on Thursday, February 29th. They issued a “buy” rating and a $21.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Insider Activity

In other Gates Industrial news, Director Wilson S. Neely acquired 10,000 shares of Gates Industrial stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average price of $13.24 per share, with a total value of $132,400.00. Following the completion of the purchase, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.04, for a total value of $292,284,244.00. Following the sale, the insider now directly owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Wilson S. Neely acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were purchased at an average price of $13.24 per share, with a total value of $132,400.00. Following the completion of the transaction, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 1,030,492 shares of company stock valued at $12,582,402. 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.