Hudson Bay Capital Management LP Acquires 365,929 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Hudson Bay Capital Management LP lifted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 170.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 580,929 shares of the company’s stock after purchasing an additional 365,929 shares during the period. Hudson Bay Capital Management LP owned about 0.23% of Gates Industrial worth $11,950,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in GTES. Principal Financial Group Inc. raised its stake in shares of Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after purchasing an additional 1,048,596 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Gates Industrial during the 4th quarter worth $2,154,000. Park Avenue Securities LLC raised its stake in shares of Gates Industrial by 29.1% during the 4th quarter. Park Avenue Securities LLC now owns 49,939 shares of the company’s stock worth $1,027,000 after purchasing an additional 11,251 shares during the period. Kera Capital Partners Inc. bought a new stake in shares of Gates Industrial during the 4th quarter worth $205,000. Finally, Oliver Luxxe Assets LLC bought a new stake in shares of Gates Industrial during the 4th quarter worth $1,665,000. 98.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the acquisition, the director now owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Gates Industrial Stock Up 0.4%

GTES stock opened at $20.75 on Monday. 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 firm has a market capitalization of $5.35 billion, a PE ratio of 28.42 and a beta of 1.23. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The stock has a 50-day simple moving average of $18.51 and a two-hundred day simple moving average of $20.21.

Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 EPS. On average, equities analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

GTES has been the topic of a number of recent analyst reports. Evercore ISI lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. KeyCorp boosted their price objective on Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Barclays lowered their price objective on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Morgan Stanley lowered their price objective on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Finally, Citigroup lowered their price objective on Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and an average price target of $22.78.

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.