Mercer Global Advisors Inc. ADV Has $706,000 Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Mercer Global Advisors Inc. ADV increased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 15.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,309 shares of the company’s stock after purchasing an additional 4,655 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Gates Industrial were worth $706,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. FMR LLC grew its holdings in Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock worth $399,931,000 after acquiring an additional 6,383,165 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Gates Industrial by 1,185.0% during the 4th quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock worth $69,187,000 after acquiring an additional 3,101,738 shares during the last quarter. Norges Bank bought a new stake in Gates Industrial during the 4th quarter worth approximately $56,520,000. Raymond James Financial Inc. bought a new stake in shares of Gates Industrial in the 4th quarter valued at $42,080,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Gates Industrial by 101.0% in the 4th quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company’s stock valued at $55,935,000 after purchasing an additional 1,366,431 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Evercore ISI upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. KeyCorp upped their price objective on shares of Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Barclays reduced their price objective on shares of Gates Industrial from $25.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Royal Bank of Canada upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Finally, Morgan Stanley reduced their price objective on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.78.

Gates Industrial Stock Up 0.4%

Shares of NYSE GTES opened at $20.75 on Monday. The firm has a market cap of $5.35 billion, a PE ratio of 28.42 and a beta of 1.23. Gates Industrial Corp PLC has a 12-month low of $14.70 and a 12-month high of $23.85. The company’s fifty day simple moving average is $18.51 and its 200 day simple moving average is $20.21. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last issued its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The business had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same period in the prior year, the firm earned $0.31 earnings per share. Gates Industrial’s revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the 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 completion of the acquisition, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. This represents a 46.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

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.