Sterling Capital Management LLC Increases Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Sterling Capital Management LLC increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 4.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 132,319 shares of the company’s stock after buying an additional 6,049 shares during the quarter. Sterling Capital Management LLC owned about 0.05% of Gates Industrial worth $2,722,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in GTES. FMR LLC increased its stake in shares of Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after acquiring an additional 6,383,165 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock worth $317,461,000 after purchasing an additional 616,687 shares during the last quarter. Invesco Ltd. increased its position in Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company’s stock worth $152,354,000 after purchasing an additional 168,328 shares during the last quarter. State Street Corp raised its stake in Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after purchasing an additional 3,459,450 shares during the period. Finally, Jennison Associates LLC boosted its holdings in shares of Gates Industrial by 31.5% in the 4th quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock valued at $109,038,000 after purchasing an additional 1,268,716 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GTES has been the topic of several research reports. Citigroup cut their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. 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 report on Wednesday, March 19th. Evercore ISI increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. KeyCorp cut their price target on shares of Gates Industrial from $27.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and an average price target of $23.00.

Insiders Place Their Bets

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the company’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 transaction, 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 acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by company insiders.

Gates Industrial Price Performance

Shares of GTES stock opened at $17.38 on Friday. The firm has a fifty day simple moving average of $19.98 and a 200-day simple moving average of $20.12. The company has a market capitalization of $4.44 billion, a PE ratio of 23.80 and a beta of 1.24. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share 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 research analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

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.