Assetmark Inc. Grows Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Assetmark Inc. boosted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 2,968.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,565 shares of the company’s stock after buying an additional 1,514 shares during the period. Assetmark Inc.’s holdings in Gates Industrial were worth $32,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of GTES. Mutual of America Capital Management LLC bought a new position in shares of Gates Industrial during the 3rd quarter worth $597,000. Foundry Partners LLC bought a new position in shares of Gates Industrial during the 3rd quarter worth $4,247,000. Jennison Associates LLC grew its position in shares of Gates Industrial by 45.9% during the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after buying an additional 1,268,407 shares in the last quarter. Verition Fund Management LLC grew its position in shares of Gates Industrial by 322.7% during the 3rd quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock worth $6,660,000 after buying an additional 289,722 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Gates Industrial by 20.1% during the 3rd quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company’s stock worth $19,154,000 after buying an additional 182,307 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the business’s stock in a transaction that occurred 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 acquisition, the director now owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This 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 is available at the SEC website. Company insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GTES. Jefferies Financial Group increased their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Royal Bank of Canada raised their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Citigroup dropped their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Evercore ISI increased their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Finally, The Goldman Sachs Group increased their price target on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.22.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $19.71 on Monday. Gates Industrial Corp PLC has a one year low of $15.14 and a one year high of $23.85. The company has a market cap of $5.03 billion, a price-to-earnings ratio of 26.99 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The business’s 50 day moving average price is $20.92 and its 200 day moving average price is $20.00.

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