LSV Asset Management Buys 1,430,149 Shares of Gates Industrial Corp PLC (NYSE:GTES)

LSV Asset Management grew its position in Gates Industrial Corp PLC (NYSE:GTES) by 103.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,809,223 shares of the company’s stock after purchasing an additional 1,430,149 shares during the period. LSV Asset Management owned approximately 1.06% of Gates Industrial worth $37,700,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. GAMMA Investing LLC bought a new position in Gates Industrial in the fourth quarter valued at approximately $27,000. Covestor Ltd raised its position in Gates Industrial by 42.8% during the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after acquiring an additional 1,454 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Gates Industrial in the third quarter valued at $77,000. SG Americas Securities LLC bought a new position in shares of Gates Industrial in the 3rd quarter valued at about $115,000. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in shares of Gates Industrial during the 3rd quarter worth about $117,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GTES. TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Wolfe Research raised Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research report on Friday, March 8th. Robert W. Baird increased their target price on Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday. Citigroup boosted their price target on Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, The Goldman Sachs Group lifted their target price on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.78.

Gates Industrial Stock Down 1.7 %

Shares of GTES opened at $16.18 on Monday. The company has a market capitalization of $4.23 billion, a PE ratio of 17.78 and a beta of 1.54. The stock’s 50-day moving average price is $16.88 and its two-hundred day moving average price is $14.06. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. Gates Industrial Corp PLC has a 12 month low of $10.68 and a 12 month high of $17.99.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.10. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. The business had revenue of $863.30 million for the quarter, compared to analyst estimates of $892.40 million. On average, analysts anticipate that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

Insider Transactions at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the transaction, the insider now directly owns 107,324 shares in the company, valued at approximately $1,292,180.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the transaction, the insider now owns 107,324 shares in the company, valued at $1,292,180.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wilson S. Neely purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average price of $13.24 per share, with a total value of $132,400.00. Following the acquisition, the director now directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders have purchased 1,030,492 shares of company stock valued at $12,582,402 in the last 90 days. 2.30% of the stock is currently owned by corporate insiders.

Gates Industrial Company 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.