Gates Industrial Corp PLC (NYSE:GTES) Director Purchases $1,173,600.00 in Stock

Gates Industrial Corp PLC (NYSE:GTES) Director Fredrik J. Eliasson acquired 60,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the acquisition, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Gates Industrial Stock Performance

Shares of NYSE:GTES opened at $19.51 on Wednesday. The firm has a market cap of $4.98 billion, a PE ratio of 26.73 and a beta of 1.33. The firm’s 50 day simple moving average is $21.02 and its 200-day simple moving average is $19.96. Gates Industrial Corp PLC has a one year low of $15.14 and a one 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 issued its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting 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 analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Hedge Funds Weigh In On Gates Industrial

A number of institutional investors have recently modified their holdings of the stock. FMR LLC boosted its stake in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. State Street Corp boosted its stake in shares of Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after purchasing an additional 3,459,450 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Gates Industrial by 1,185.0% during the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock valued at $69,187,000 after purchasing an additional 3,101,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Gates Industrial by 540.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company’s stock valued at $74,247,000 after purchasing an additional 3,046,064 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Gates Industrial during the fourth quarter valued at approximately $56,520,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on GTES. Barclays dropped their price objective on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Monday. Evercore ISI upped their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. Citigroup decreased 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 report on Monday, January 13th. Royal Bank of Canada upped their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, KeyCorp increased their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $24.22.

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.