Dark Forest Capital Management LP Acquires New Position in Gates Industrial Corp PLC (NYSE:GTES)

Dark Forest Capital 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 disclosure with the Securities & Exchange Commission. The institutional investor bought 32,562 shares of the company’s stock, valued at approximately $670,000.

Other institutional investors also recently bought and sold shares of the company. GeoWealth Management LLC lifted its position in shares of Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares during the last quarter. Assetmark Inc. grew its stake in 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 last quarter. Aster Capital Management DIFC Ltd purchased a new stake in Gates Industrial in the 4th quarter valued at approximately $43,000. Versant Capital Management Inc lifted its holdings in Gates Industrial by 178.3% in 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 in the last quarter. Finally, SRS Capital Advisors Inc. grew its stake in Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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 on Friday, March 7th. The shares were bought at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

GTES opened at $17.97 on Friday. Gates Industrial Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85. The stock has a fifty day moving average price of $19.03 and a 200 day moving average price of $20.07. 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 cap of $4.63 billion, a price-to-earnings ratio of 24.62 and a beta of 1.24.

Gates Industrial (NYSE:GTES) last posted its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share 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%. Analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

GTES has been the subject of several research analyst reports. The Goldman Sachs Group dropped their price target on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. KeyCorp reduced their price objective on shares of Gates Industrial from $27.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Barclays dropped their price target on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Evercore ISI increased their price target 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. Finally, Royal Bank of Canada boosted their price objective on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $22.67.

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.