GAMMA Investing LLC Acquires Shares of 2,085 Gates Industrial Corp PLC (NYSE:GTES)

GAMMA Investing LLC acquired a new stake in Gates Industrial Corp PLC (NYSE:GTES) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 2,085 shares of the company’s stock, valued at approximately $27,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Covestor Ltd lifted its position 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 purchasing an additional 1,454 shares during the last quarter. Natixis Advisors L.P. lifted its position in Gates Industrial by 4.6% in the third quarter. Natixis Advisors L.P. now owns 49,641 shares of the company’s stock valued at $576,000 after purchasing an additional 2,198 shares during the last quarter. Essex Investment Management Co. LLC lifted its position in Gates Industrial by 1.9% in the third quarter. Essex Investment Management Co. LLC now owns 125,281 shares of the company’s stock valued at $1,455,000 after purchasing an additional 2,333 shares during the last quarter. Cornercap Investment Counsel Inc. lifted its position in Gates Industrial by 3.1% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 87,238 shares of the company’s stock valued at $1,171,000 after purchasing an additional 2,645 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC lifted its position in Gates Industrial by 13.1% in the third quarter. J.P. Morgan Private Wealth Advisors LLC now owns 28,802 shares of the company’s stock valued at $334,000 after purchasing an additional 3,333 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GTES shares. Evercore ISI boosted their target price on Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. The Goldman Sachs Group boosted their target price on Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. TheStreet raised Gates Industrial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Wolfe Research raised Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research note on Friday, March 8th. Finally, Citigroup boosted their target price on Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.78.

Gates Industrial Price Performance

Shares of GTES stock opened at $16.48 on Tuesday. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of 18.11 and a beta of 1.54. The business’s fifty day moving average is $16.92 and its 200 day moving average is $14.10. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $17.99. The company has a quick ratio of 2.15, a current ratio of 3.06 and a debt-to-equity ratio of 0.69.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.10. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. The company had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $892.40 million. Research analysts expect that Gates Industrial Corp PLC will post 1.32 EPS for the current fiscal year.

Insider Transactions at Gates Industrial

In related news, Director Wilson S. Neely bought 10,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were purchased 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 owns 56,664 shares in the company, valued at approximately $750,231.36. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the transaction, the insider now directly owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Wilson S. Neely purchased 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the acquisition, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 1,030,492 shares of company stock valued at $12,582,402. Insiders own 2.30% of the company’s stock.

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.