HighTower Advisors LLC Grows Position in Gates Industrial Corp PLC (NYSE:GTES)

HighTower Advisors LLC grew its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 59.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,531 shares of the company’s stock after purchasing an additional 6,195 shares during the period. HighTower Advisors LLC’s holdings in Gates Industrial were worth $340,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after purchasing an additional 3,459,450 shares during the last quarter. Zimmer Partners LP boosted its stake in Gates Industrial by 141.2% during the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after purchasing an additional 2,466,543 shares during the period. Franklin Resources Inc. grew its holdings in shares of Gates Industrial by 138.0% during the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock worth $68,159,000 after buying an additional 2,220,277 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Gates Industrial in the fourth quarter valued at approximately $42,080,000. Finally, Bank of New York Mellon Corp increased its stake in Gates Industrial by 101.0% in the 4th quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company’s stock valued at $55,935,000 after buying an additional 1,366,431 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on GTES shares. Jefferies Financial Group raised their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Citigroup cut their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Barclays reduced their target price on shares of Gates Industrial from $26.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday, March 26th. The Goldman Sachs Group decreased their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Finally, Evercore ISI upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and an average price target of $24.00.

Insider Activity

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the business’s stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Gates Industrial Stock Performance

Shares of NYSE:GTES opened at $18.57 on Wednesday. The company has a market cap of $4.74 billion, a P/E ratio of 25.44 and a beta of 1.33. The business’s 50-day simple moving average is $20.68 and its 200 day simple moving average is $20.20. Gates Industrial Corp PLC has a one year low of $15.14 and a one year high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (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, sell-side analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal 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.