Hennion & Walsh Asset Management Inc. Has $489,000 Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Hennion & Walsh Asset Management Inc. grew its position in Gates Industrial Corp PLC (NYSE:GTES) by 45.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,614 shares of the company’s stock after purchasing an additional 8,693 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Gates Industrial were worth $489,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GTES. Vanguard Group Inc. boosted its holdings in Gates Industrial by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company’s stock worth $205,726,000 after purchasing an additional 1,519,041 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Gates Industrial by 28.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 12,300,192 shares of the company’s stock valued at $165,069,000 after acquiring an additional 2,697,624 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Gates Industrial by 14.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company’s stock valued at $130,285,000 after acquiring an additional 1,239,261 shares in the last quarter. Cooke & Bieler LP lifted its holdings in Gates Industrial by 7.9% in the 4th quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company’s stock worth $109,427,000 after purchasing an additional 594,559 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Gates Industrial by 8.9% during the third quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock worth $88,265,000 after purchasing an additional 620,131 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a research note on Friday, March 8th. 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 report on Monday, April 8th. Barclays dropped their price objective on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th. Robert W. Baird increased their target price on Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Finally, 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. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

Insider Activity at Gates Industrial

In other Gates Industrial news, major shareholder Blackstone Inc. sold 20,125,000 shares of the firm’s 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 transaction, the insider now owns 77,326 shares in the company, valued at $1,262,733.58. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

Gates Industrial Trading Up 0.1 %

Gates Industrial stock opened at $15.49 on Wednesday. Gates Industrial Corp PLC has a 12 month low of $10.68 and a 12 month high of $17.99. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of 17.02 and a beta of 1.44. The business has a 50 day moving average price of $16.75 and a two-hundred day moving average price of $15.53. 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 earnings results on Wednesday, May 1st. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm 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%. As a group, equities analysts forecast that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

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.