Gates Industrial Corp PLC (NYSE:GTES) Director Fredrik J. Eliasson Buys 60,000 Shares

Gates Industrial Corp PLC (NYSE:GTES) Director Fredrik J. Eliasson bought 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares of the company’s stock, valued at $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.

Gates Industrial Price Performance

NYSE:GTES opened at $19.24 on Thursday. The firm’s fifty day moving average is $21.00 and its two-hundred day moving average is $19.97. The firm has a market cap of $4.92 billion, a price-to-earnings ratio of 26.36 and a beta of 1.33. Gates Industrial Corp PLC has a one year low of $15.14 and a one year high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Research analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Hedge Funds Weigh In On Gates Industrial

Institutional investors have recently made changes to their positions in the company. GeoWealth Management LLC boosted its holdings in Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after acquiring an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Gates Industrial during the 4th quarter worth about $43,000. Versant Capital Management Inc boosted its stake in shares of 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 in the last quarter. Finally, Venturi Wealth Management LLC grew its position in shares of Gates Industrial by 35.9% during 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 during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group upped their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Barclays lowered their price target on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Monday. Evercore ISI upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday, February 19th. Royal Bank of Canada lifted their target price 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. 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 note on Friday, February 7th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.22.

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.