Vanguard Group Inc. Has $205.73 Million Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Vanguard Group Inc. raised its stake in Gates Industrial Corp PLC (NYSE:GTES) by 11.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,329,789 shares of the company’s stock after acquiring an additional 1,519,041 shares during the quarter. Vanguard Group Inc. owned about 5.80% of Gates Industrial worth $205,726,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its position in Gates Industrial by 28.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 12,300,192 shares of the company’s stock worth $165,069,000 after acquiring an additional 2,697,624 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Gates Industrial by 14.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company’s stock valued at $130,285,000 after buying an additional 1,239,261 shares in the last quarter. Cooke & Bieler LP boosted its stake in shares of Gates Industrial by 7.9% in the fourth quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company’s stock valued at $109,427,000 after buying an additional 594,559 shares during the period. American Century Companies Inc. grew 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 buying an additional 620,131 shares in the last quarter. Finally, Fiduciary Management Inc. WI increased its position in shares of Gates Industrial by 31.6% in the fourth quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company’s stock worth $94,369,000 after purchasing an additional 1,689,991 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Gates Industrial Trading Up 0.1 %

Shares of GTES stock opened at $15.49 on Wednesday. The company has a quick ratio of 2.15, a current ratio of 3.06 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $4.05 billion, a P/E ratio of 17.02 and a beta of 1.44. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $17.99. The stock’s fifty day simple moving average is $16.75 and its 200 day simple moving average is $15.53.

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

Insider Transactions at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the sale, the insider now directly owns 77,326 shares in the company, valued at $1,262,733.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

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.