Silvercrest Asset Management Group LLC Raises Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Silvercrest Asset Management Group LLC increased its position in Gates Industrial Corp PLC (NYSE:GTES) by 32.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,001,485 shares of the company’s stock after buying an additional 243,004 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Gates Industrial were worth $20,601,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. HighPoint Advisor Group LLC raised its position in shares of Gates Industrial by 3.2% in the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock worth $331,000 after buying an additional 452 shares during the period. EP Wealth Advisors LLC raised its position in shares of Gates Industrial by 3.6% in the 4th quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company’s stock worth $298,000 after buying an additional 504 shares during the period. MetLife Investment Management LLC raised its position in Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after purchasing an additional 567 shares during the period. United Services Automobile Association raised its position in Gates Industrial by 4.8% in the fourth quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock valued at $289,000 after purchasing an additional 646 shares during the period. Finally, Utah Retirement Systems raised its position in Gates Industrial by 6.4% in the fourth quarter. Utah Retirement Systems now owns 11,700 shares of the company’s stock valued at $241,000 after purchasing an additional 700 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. KeyCorp raised their price objective on Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. The Goldman Sachs Group cut their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Barclays raised their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Citigroup cut their price objective on Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, Morgan Stanley cut their price objective on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.89.

Insider Activity

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, for a total transaction 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. This trade represents a 46.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Gates Industrial Stock Up 1.1%

Shares of Gates Industrial stock opened at $22.16 on Friday. The business has a 50-day moving average of $18.75 and a 200-day moving average of $20.31. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The company has a market capitalization of $5.71 billion, a PE ratio of 30.35 and a beta of 1.23. Gates Industrial Corp PLC has a 1-year low of $14.70 and a 1-year high of $23.85.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. The company had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm earned $0.31 earnings per share. As a group, equities analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

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.