Truist Financial Corp Purchases 43,472 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Truist Financial Corp raised its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 23.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 232,425 shares of the company’s stock after purchasing an additional 43,472 shares during the quarter. Truist Financial Corp’s holdings in Gates Industrial were worth $3,119,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC bought a new stake in Gates Industrial during the 4th quarter worth approximately $27,000. Covestor Ltd lifted its holdings in shares of Gates Industrial by 42.8% during the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after buying an additional 1,454 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Gates Industrial in the third quarter worth $77,000. SG Americas Securities LLC bought a new stake in shares of Gates Industrial during the 3rd quarter worth $115,000. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in Gates Industrial in the third quarter valued at approximately $117,000. 98.50% of the stock is currently owned by institutional investors.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely purchased 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, for a total transaction of $132,400.00. Following the completion of the transaction, the director now owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Wilson S. Neely acquired 10,000 shares of Gates Industrial stock in a transaction on Tuesday, February 20th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $750,231.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $292,284,244.00. Following the completion of the sale, the insider now directly owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The disclosure for this sale can be found here. Insiders have bought 1,030,492 shares of company stock valued at $12,582,402 in the last ninety days. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Trading Down 0.1 %

Shares of NYSE:GTES opened at $16.47 on Wednesday. The company has a market cap of $4.30 billion, a P/E ratio of 18.09 and a beta of 1.54. The stock’s fifty day moving average price is $16.96 and its 200-day moving average price is $14.14. Gates Industrial Corp PLC has a 1 year low of $10.68 and a 1 year high of $17.99. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.15.

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 10.52%. The business had revenue of $863.30 million during the quarter, compared to the consensus estimate of $892.40 million. Sell-side analysts expect that Gates Industrial Corp PLC will post 1.32 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on GTES shares. Evercore ISI boosted their target price on shares of Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. Robert W. Baird raised their price objective on Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research report on Friday, March 8th. KeyCorp raised Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target on the stock in a research note on Thursday, February 22nd. Finally, The Goldman Sachs Group increased their target price on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $18.78.

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.