185,500 Shares in Gates Industrial Corp PLC (NYSE:GTES) Purchased by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. acquired a new position in Gates Industrial Corp PLC (NYSE:GTES) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 185,500 shares of the company’s stock, valued at approximately $3,816,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GeoWealth Management LLC increased its position in Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. increased its position in Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in Gates Industrial in the fourth quarter worth about $43,000. SRS Capital Advisors Inc. increased its position in Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares during the period. Finally, MetLife Investment Management LLC increased its position in Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after purchasing an additional 567 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GTES. Evercore ISI lifted their price objective 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. Citigroup decreased their target price on Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Royal Bank of Canada boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. The Goldman Sachs Group decreased their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Finally, KeyCorp boosted their target price on Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.89.

Gates Industrial Trading Down 1.3%

NYSE:GTES opened at $21.93 on Friday. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The stock has a market capitalization of $5.65 billion, a PE ratio of 30.04 and a beta of 1.23. The business’s 50-day simple moving average is $18.70 and its 200-day simple moving average is $20.28.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business had revenue of $847.60 million for the quarter, compared to analysts’ expectations of $823.56 million. During the same quarter in the previous year, the business posted $0.31 EPS. Gates Industrial’s revenue for the quarter was down 1.7% on a year-over-year basis. Sell-side analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the business’s stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the purchase, the director now owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. The trade was a 46.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by company insiders.

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.