Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by Swiss National Bank

Swiss National Bank grew its stake in Gates Industrial Corp PLC (NYSE:GTES) by 16.3% during the 4th quarter, Holdings Channel reports. The firm owned 474,800 shares of the company’s stock after purchasing an additional 66,600 shares during the quarter. Swiss National Bank’s holdings in Gates Industrial were worth $9,767,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Burkehill Global Management LP acquired a new position in Gates Industrial during the fourth quarter worth about $7,200,000. Avantax Advisory Services Inc. boosted its position in Gates Industrial by 6.9% during the fourth quarter. Avantax Advisory Services Inc. now owns 22,540 shares of the company’s stock worth $464,000 after acquiring an additional 1,452 shares during the last quarter. HighTower Advisors LLC boosted its position in Gates Industrial by 59.9% during the fourth quarter. HighTower Advisors LLC now owns 16,531 shares of the company’s stock worth $340,000 after acquiring an additional 6,195 shares during the last quarter. Channing Capital Management LLC boosted its position in Gates Industrial by 6.1% during the fourth quarter. Channing Capital Management LLC now owns 4,146,803 shares of the company’s stock worth $85,300,000 after acquiring an additional 238,676 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Gates Industrial by 32.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 54,438 shares of the company’s stock worth $1,120,000 after acquiring an additional 13,241 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Buying and Selling

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GTES. Barclays lowered their price target on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Citigroup reduced their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Jefferies Financial Group lifted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Royal Bank of Canada lifted their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, Evercore ISI lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.11.

Gates Industrial Price Performance

Gates Industrial stock opened at $19.33 on Friday. The company’s 50 day simple moving average is $20.84 and its 200-day simple moving average is $20.03. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 26.48 and a beta of 1.33. Gates Industrial Corp PLC has a 1 year low of $15.14 and a 1 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 released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, equities research analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

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.