Oak Thistle LLC Invests $414,000 in Gates Industrial Corp PLC (NYSE:GTES)

Oak Thistle LLC bought a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 23,387 shares of the company’s stock, valued at approximately $414,000.

Several other hedge funds also recently bought and sold shares of GTES. GAMMA Investing LLC bought a new stake in shares of Gates Industrial during the fourth quarter valued at approximately $27,000. Gladius Capital Management LP purchased a new stake in Gates Industrial in the 4th quarter worth $48,000. TFO Wealth Partners LLC grew its position in shares of Gates Industrial by 68,390.0% during the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares in the last quarter. Johnson Financial Group Inc. increased its holdings in shares of Gates Industrial by 26.4% in the fourth quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after purchasing an additional 1,654 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Gates Industrial in the fourth quarter worth about $147,000. Institutional investors own 98.50% of the company’s stock.

Insider Activity

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of Gates Industrial stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total transaction of $328,641,250.00. Following the completion of the sale, the insider now owns 77,326 shares in the company, valued at approximately $1,262,733.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on GTES shares. Robert W. Baird raised their price target on Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Citigroup upped their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Barclays reduced their target price on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. The Goldman Sachs Group lifted their price target on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Finally, Wolfe Research upgraded Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research report on Friday, March 8th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.13.

Gates Industrial Stock Down 2.1 %

Shares of NYSE:GTES opened at $15.48 on Tuesday. The firm has a market capitalization of $4.05 billion, a PE ratio of 17.01 and a beta of 1.44. The business has a 50 day simple moving average of $16.79 and a two-hundred day simple moving average of $15.51. Gates Industrial Corp PLC has a 1 year low of $10.68 and a 1 year high of $17.99. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.15.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $862.60 million during the quarter, compared to analysts’ expectations of $866.00 million. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. On average, equities analysts predict that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

About Gates Industrial

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.