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

Gates Industrial Corp PLC (NYSE:GTES) Director Fredrik J. Eliasson bought 60,000 shares of the company’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 transaction, the director now owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Gates Industrial Trading Up 3.0 %

Shares of GTES stock opened at $19.51 on Wednesday. Gates Industrial Corp PLC has a 1 year low of $15.14 and a 1 year high of $23.85. The firm has a fifty day moving average price of $21.02 and a 200-day moving average price of $19.96. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The company has a market cap of $4.98 billion, a price-to-earnings ratio of 26.73 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data 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, equities analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. GeoWealth Management LLC boosted its holdings in Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares during the period. Assetmark Inc. boosted 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 buying an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd bought a new position in shares of Gates Industrial during the 4th quarter valued at about $43,000. Versant Capital Management Inc boosted its holdings 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 valued at $51,000 after purchasing an additional 1,598 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings 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 purchasing an additional 814 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on GTES. KeyCorp increased their target price on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Royal Bank of Canada raised their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Barclays cut their price objective on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday. The Goldman Sachs Group lifted their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Finally, Evercore ISI boosted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently 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.