2,045,677 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. bought a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,045,677 shares of the company’s stock, valued at approximately $42,080,000.

A number of other large investors have also recently added to or reduced their stakes in GTES. Assetmark Inc. boosted its holdings in 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 in the last quarter. Versant Capital Management Inc lifted its position 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 valued at $51,000 after acquiring an additional 1,598 shares in the last quarter. Venturi Wealth Management LLC lifted its position in shares of Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares in the last quarter. SRS Capital Advisors Inc. lifted its position 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 acquiring an additional 724 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Gates Industrial in the 3rd quarter valued at approximately $71,000. 98.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on GTES shares. Barclays reduced their price target on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday. Jefferies Financial Group upped their price target 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. Royal Bank of Canada upped their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Evercore ISI upped 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. Finally, KeyCorp upped their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.22.

Gates Industrial Stock Down 1.3 %

GTES stock opened at $19.24 on Thursday. Gates Industrial Corp PLC has a 12-month low of $15.14 and a 12-month high of $23.85. 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 $4.92 billion, a price-to-earnings ratio of 26.36 and a beta of 1.33. The company has a 50 day moving average of $21.00 and a two-hundred day moving average of $19.97.

Gates Industrial (NYSE:GTES) last released its quarterly 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 analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now 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 legal filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

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.