State of Tennessee Department of Treasury Buys 38,289 Shares of Gates Industrial Corp PLC (NYSE:GTES)

State of Tennessee Department of Treasury raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 81.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 85,569 shares of the company’s stock after acquiring an additional 38,289 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Gates Industrial were worth $1,760,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. GeoWealth Management LLC increased its holdings in Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after purchasing an additional 789 shares in the last quarter. Assetmark Inc. grew its holdings in shares of Gates Industrial by 2,968.6% during 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 last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial in the fourth quarter valued at $43,000. Versant Capital Management Inc raised its holdings in shares of Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after buying an additional 1,598 shares during the last quarter. Finally, SRS Capital Advisors Inc. lifted its position in Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after buying an additional 724 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Price Performance

Shares of GTES opened at $17.85 on Wednesday. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The stock has a market cap of $4.60 billion, a P/E ratio of 24.45 and a beta of 1.24. The stock’s 50-day moving average price is $18.71 and its two-hundred day moving average price is $20.10. Gates Industrial Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85.

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

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GTES has been the subject of a number of research analyst reports. Barclays dropped their target price on shares of Gates Industrial from $25.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. The Goldman Sachs Group dropped their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. KeyCorp decreased their price objective on Gates Industrial from $27.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Evercore ISI boosted their target price 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. Finally, Royal Bank of Canada raised their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Three investment 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 company presently has a consensus rating of “Moderate Buy” and an average price target of $22.67.

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.