Great Lakes Advisors LLC Takes Position in Gates Industrial Corp PLC (NYSE:GTES)

Great Lakes Advisors LLC purchased a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,432 shares of the company’s stock, valued at approximately $221,000.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new position in Gates Industrial in the fourth quarter valued at about $27,000. Gladius Capital Management LP acquired a new position in Gates Industrial in the fourth quarter valued at about $48,000. Covestor Ltd lifted its stake in Gates Industrial by 42.8% in the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock valued at $57,000 after buying an additional 1,454 shares during the period. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Gates Industrial in the third quarter valued at about $77,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in Gates Industrial in the fourth quarter valued at about $147,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Down 0.4 %

NYSE:GTES opened at $17.58 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.15 and a current ratio of 3.06. The company has a market cap of $4.59 billion, a PE ratio of 19.31 and a beta of 1.54. Gates Industrial Corp PLC has a 52-week low of $10.68 and a 52-week high of $17.99. The stock has a 50-day simple moving average of $17.30 and a 200 day simple moving average of $14.61.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $862.60 million during the quarter, compared to the consensus estimate of $866.00 million. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. On average, sell-side analysts expect that Gates Industrial Corp PLC will post 1.32 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on GTES. Robert W. Baird increased their target price on Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Evercore ISI increased their price target on Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. Wolfe Research upgraded Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price target for the company in a report on Friday, March 8th. Citigroup increased their price target on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, The Goldman Sachs Group increased 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. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.88.

Insider Buying and Selling

In other Gates Industrial news, major shareholder Blackstone Inc. sold 20,125,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the transaction, the insider now directly owns 77,326 shares in the company, valued at $1,262,733.58. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

Gates Industrial Profile

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.