KLP Kapitalforvaltning AS Buys New Holdings in Gates Industrial Corp PLC (NYSE:GTES)

KLP Kapitalforvaltning AS purchased a new position in Gates Industrial Corp PLC (NYSE:GTES) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 50,000 shares of the company’s stock, valued at approximately $1,028,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Gates Industrial by 22.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,331,110 shares of the company’s stock worth $40,911,000 after purchasing an additional 428,297 shares in the last quarter. Citigroup Inc. lifted its stake in shares of Gates Industrial by 38.4% in the third quarter. Citigroup Inc. now owns 245,335 shares of the company’s stock valued at $4,306,000 after buying an additional 68,130 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of Gates Industrial by 15.1% during the third quarter. Cerity Partners LLC now owns 176,382 shares of the company’s stock valued at $3,096,000 after buying an additional 23,175 shares during the last quarter. FMR LLC increased its position in shares of Gates Industrial by 4.5% during the third quarter. FMR LLC now owns 13,059,271 shares of the company’s stock worth $229,190,000 after acquiring an additional 562,643 shares in the last quarter. Finally, Glenmede Trust Co. NA raised its holdings in shares of Gates Industrial by 17.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 53,001 shares of the company’s stock worth $930,000 after acquiring an additional 8,049 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

GTES has been the subject of a number of analyst reports. Royal Bank of Canada lifted their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp upped their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Barclays dropped their price objective on Gates Industrial from $26.00 to $25.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 26th. Jefferies Financial Group upped their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Evercore ISI raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now directly 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 acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $18.48 on Monday. Gates Industrial Corp PLC has a fifty-two week low of $15.14 and a fifty-two week high of $23.85. The company’s 50-day moving average is $20.77 and its 200 day moving average is $20.18. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company has a market capitalization of $4.72 billion, a P/E ratio of 25.31 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last released its earnings results 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%. On average, equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Gates Industrial Company 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.