Burkehill Global Management LP Purchases New Stake in Gates Industrial Corp PLC (NYSE:GTES)

Burkehill Global Management LP bought a new stake in Gates Industrial Corp PLC (NYSE:GTES) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 350,000 shares of the company’s stock, valued at approximately $7,200,000.

Other hedge funds have also made changes to their positions in the company. Mutual of America Capital Management LLC acquired a new position in Gates Industrial in the 3rd quarter valued at approximately $597,000. Foundry Partners LLC acquired a new position in shares of Gates Industrial in the third quarter worth $4,247,000. Jennison Associates LLC increased its stake in shares of Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after acquiring an additional 1,268,407 shares during the last quarter. Verition Fund Management LLC raised its holdings in shares of Gates Industrial by 322.7% during the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock worth $6,660,000 after acquiring an additional 289,722 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in Gates Industrial by 20.1% during the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company’s stock valued at $19,154,000 after purchasing an additional 182,307 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Trading Down 1.3 %

Shares of GTES stock opened at $19.24 on Thursday. Gates Industrial Corp PLC has a 12 month low of $15.14 and a 12 month high of $23.85. The company has a market cap of $4.92 billion, a PE ratio of 26.36 and a beta of 1.33. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The business’s 50 day moving average is $21.00 and its two-hundred day moving average is $19.97.

Gates Industrial (NYSE:GTES) last posted its 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%. Equities analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insider Activity

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares of the company’s stock, valued at $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on GTES shares. Evercore ISI upped their target price 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. Barclays dropped their price objective on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday. Jefferies Financial Group raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, Royal Bank of Canada raised their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.22.

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.