Quadrature Capital Ltd Buys 20,615 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Quadrature Capital Ltd raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 35.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 78,457 shares of the company’s stock after purchasing an additional 20,615 shares during the quarter. Quadrature Capital Ltd’s holdings in Gates Industrial were worth $1,389,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Gates Industrial by 17.5% during the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock worth $318,935,000 after purchasing an additional 2,678,954 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Gates Industrial by 19.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock worth $261,235,000 after purchasing an additional 2,450,526 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Gates Industrial by 14.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company’s stock worth $130,285,000 after purchasing an additional 1,239,261 shares during the period. Cooke & Bieler LP increased its holdings in shares of Gates Industrial by 7.9% during 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 period. Finally, Fiduciary Management Inc. WI increased its holdings in shares of Gates Industrial by 31.6% during the 4th 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. Institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GTES shares. The Goldman Sachs Group lifted their target price on shares of Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Barclays decreased their target price on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. Robert W. Baird lifted their target price on shares of Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Finally, Citigroup boosted their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average target price of $19.13.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, major shareholder Blackstone Inc. sold 20,125,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were 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 owns 77,326 shares of the company’s stock, valued at $1,262,733.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

Shares of NYSE GTES traded up $0.44 during trading on Friday, reaching $17.84. The company had a trading volume of 2,616,168 shares, compared to its average volume of 4,619,467. Gates Industrial Corp PLC has a 52 week low of $10.68 and a 52 week high of $17.99. The stock has a market cap of $4.66 billion, a PE ratio of 19.60 and a beta of 1.44. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.15 and a current ratio of 3.06. The business’s 50 day moving average price is $16.58 and its 200-day moving average price is $15.91.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. The business had revenue of $862.60 million during the quarter, compared to the consensus estimate of $866.00 million. Analysts expect that Gates Industrial Corp PLC will post 1.27 earnings per share for the current 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.