Heartland Advisors Inc. Purchases 184,413 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Heartland Advisors Inc. lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 42.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 615,192 shares of the company’s stock after buying an additional 184,413 shares during the period. Heartland Advisors Inc. owned about 0.24% of Gates Industrial worth $12,654,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GTES. Assetmark Inc. grew its position in shares of Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after acquiring an additional 1,514 shares during the period. Versant Capital Management Inc lifted its holdings in Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. boosted its position in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares during the period. Quarry LP acquired a new position in shares of Gates Industrial in the third quarter valued at $71,000. Finally, GAMMA Investing LLC raised its position in shares of Gates Industrial by 29.0% in the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after purchasing an additional 1,130 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Insider Activity at Gates Industrial

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.

Gates Industrial Stock Performance

Shares of GTES opened at $19.41 on Friday. The firm’s fifty day simple moving average is $20.81 and its two-hundred day simple moving average is $20.11. Gates Industrial Corp PLC has a 12 month low of $15.14 and a 12 month high of $23.85. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $4.96 billion, a P/E ratio of 26.59 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on GTES shares. KeyCorp upped their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Jefferies Financial Group upped their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Citigroup lowered their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Royal Bank of Canada boosted their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Finally, Evercore ISI increased their price objective on 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 given a buy rating to the company. Based on data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

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.