First Hawaiian Bank Takes $520,000 Position in Gates Industrial Corp PLC (NYSE:GTES)

First Hawaiian Bank acquired a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 32,917 shares of the company’s stock, valued at approximately $520,000.

Several other large investors have also modified their holdings of GTES. GAMMA Investing LLC acquired a new stake in shares of Gates Industrial in the fourth quarter worth approximately $27,000. Gladius Capital Management LP acquired a new stake in shares of Gates Industrial during the fourth quarter worth about $48,000. TFO Wealth Partners LLC boosted its stake in shares of Gates Industrial by 68,390.0% in the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after buying an additional 6,839 shares in the last quarter. Johnson Financial Group Inc. lifted its holdings in shares of Gates Industrial by 26.4% in the fourth quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock valued at $106,000 after purchasing an additional 1,654 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in shares of Gates Industrial during the fourth quarter valued at approximately $147,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Citigroup boosted their target price on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Royal Bank of Canada upped their target price on shares of Gates Industrial from $19.00 to $20.00 and gave the company a “sector perform” rating in a research note on Thursday. Barclays dropped their target price on shares of 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. The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Robert W. Baird cut their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.00.

Insiders Place Their Bets

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the company’s 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 sale, the insider now directly 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 SEC, which is available through the SEC website. 2.30% of the stock is owned by insiders.

Gates Industrial Stock Performance

GTES traded down $0.64 during trading hours on Monday, hitting $16.17. The stock had a trading volume of 3,226,386 shares, compared to its average volume of 3,156,691. Gates Industrial Corp PLC has a 1 year low of $10.68 and a 1 year high of $19.07. The company’s fifty day simple moving average is $16.59 and its 200 day simple moving average is $16.10. The company has a quick ratio of 2.15, a current ratio of 3.11 and a debt-to-equity ratio of 0.68. The stock has a market cap of $4.23 billion, a PE ratio of 17.76 and a beta of 1.44.

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.