Handelsbanken Fonder AB Takes $200,000 Position in Gates Industrial Corp PLC (NYSE:GTES)

Handelsbanken Fonder AB purchased a new position in Gates Industrial Corp PLC (NYSE:GTES) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,900 shares of the company’s stock, valued at approximately $200,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Covestor Ltd lifted its holdings in shares of Gates Industrial by 42.8% in the 3rd quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after acquiring an additional 1,454 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Gates Industrial during the third quarter valued at approximately $77,000. SG Americas Securities LLC bought a new position in shares of Gates Industrial during the third quarter valued at approximately $115,000. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Gates Industrial in the third quarter worth approximately $117,000. Finally, Cerity Partners LLC bought a new stake in shares of Gates Industrial during the 4th quarter worth approximately $148,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the completion of the transaction, the insider now owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the sale, the insider now owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ivo Jurek bought 20,492 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was purchased at an average price of $12.20 per share, with a total value of $250,002.40. Following the completion of the purchase, the chief executive officer now owns 626,088 shares in the company, valued at $7,638,273.60. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 1,030,492 shares of company stock valued at $12,582,402. Company insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $16.18 on Friday. Gates Industrial Corp PLC has a 52 week low of $10.68 and a 52 week high of $17.99. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70. The firm has a market cap of $4.23 billion, a P/E ratio of 17.78 and a beta of 1.54. The business’s 50 day moving average price is $16.88 and its 200 day moving average price is $14.02.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.27 by $0.10. Gates Industrial had a net margin of 6.97% and a return on equity of 10.56%. The business had revenue of $863.30 million for the quarter, compared to the consensus estimate of $892.40 million. On average, sell-side analysts expect that Gates Industrial Corp PLC will post 1.32 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on GTES. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a report on Friday, March 8th. Evercore ISI lifted their target price on Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Citigroup increased their price target on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. TheStreet raised shares of Gates Industrial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Finally, Robert W. Baird lifted their price objective on shares of Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.78.

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.