Amundi Makes New $2.48 Million Investment in Gates Industrial Corp PLC (NYSE:GTES)

Amundi acquired a new position in Gates Industrial Corp PLC (NYSE:GTES) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 123,334 shares of the company’s stock, valued at approximately $2,480,000.

Other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. raised its holdings in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after acquiring an additional 1,598 shares in the last quarter. SRS Capital Advisors Inc. increased its stake in shares of 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 in the last quarter. Quarry LP bought a new position in shares of Gates Industrial in the 3rd quarter worth about $71,000. Finally, GAMMA Investing LLC increased its stake in shares of Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after acquiring an additional 1,130 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the purchase, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on GTES shares. Royal Bank of Canada increased their price target 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. Citigroup decreased their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Evercore ISI increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Jefferies Financial Group increased 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. Finally, Barclays cut their price objective on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.22.

Gates Industrial Stock Performance

Shares of NYSE GTES opened at $19.71 on Monday. The firm’s 50-day moving average price is $20.92 and its 200-day moving average price is $20.00. 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 company has a market cap of $5.03 billion, a PE ratio of 26.99 and a beta of 1.33. Gates Industrial Corp PLC has a 52-week low of $15.14 and a 52-week high of $23.85.

Gates Industrial (NYSE:GTES) last announced its quarterly 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%. As a group, analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current 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.