Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 41.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,857 shares of the company’s stock after purchasing an additional 8,527 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Gates Industrial were worth $594,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Assetmark Inc. boosted its stake in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after buying an additional 1,514 shares during the period. Versant Capital Management Inc lifted its position in Gates Industrial by 178.3% during 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 during the period. SRS Capital Advisors Inc. grew 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 valued at $54,000 after purchasing an additional 724 shares during the last quarter. Quarry LP acquired a new position in shares of Gates Industrial in the third quarter valued at approximately $71,000. Finally, GAMMA Investing LLC raised its stake in shares of Gates Industrial by 29.0% during the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after purchasing an additional 1,130 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Gates Industrial

In related news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

GTES has been the topic of a number of analyst reports. Barclays lowered 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. Royal Bank of Canada boosted 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 reduced their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. KeyCorp lifted their price objective on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, Evercore ISI increased 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. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.11.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $20.11 on Tuesday. Gates Industrial Corp PLC has a 12 month low of $15.14 and a 12 month high of $23.85. The firm has a market capitalization of $5.14 billion, a price-to-earnings ratio of 27.54 and a beta of 1.33. The business’s 50 day simple moving average is $20.84 and its 200-day simple moving average is $20.09. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES) last posted its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, equities analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share 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.