Gates Industrial Corp PLC (NYSE:GTES) Director Buys $1,173,600.00 in Stock

Gates Industrial Corp PLC (NYSE:GTES) Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Gates Industrial Trading Down 2.3 %

Shares of NYSE:GTES opened at $18.82 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The stock has a market capitalization of $4.81 billion, a price-to-earnings ratio of 25.77 and a beta of 1.33. Gates Industrial Corp PLC has a 1-year low of $15.14 and a 1-year high of $23.85. The company has a 50 day moving average price of $20.97 and a 200 day moving average price of $19.97.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, research analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

Institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its stake in Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after buying an additional 6,383,165 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Gates Industrial by 4.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock valued at $317,461,000 after acquiring an additional 616,687 shares in the last quarter. Invesco Ltd. lifted its position in shares of Gates Industrial by 2.3% in the 4th quarter. Invesco Ltd. now owns 7,406,630 shares of the company’s stock valued at $152,354,000 after acquiring an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI boosted its stake in Gates Industrial by 0.3% in the 4th quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company’s stock worth $148,615,000 after purchasing an additional 21,191 shares during the period. Finally, Janus Henderson Group PLC grew its position in Gates Industrial by 1.3% during the 4th quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company’s stock worth $135,145,000 after purchasing an additional 85,253 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GTES. Evercore ISI boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. Royal Bank of Canada upped their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. KeyCorp raised their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Finally, Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.22.

Gates Industrial Company 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.