350,000 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by Burkehill Global Management LP

Burkehill Global Management LP acquired a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 350,000 shares of the company’s stock, valued at approximately $7,200,000. Burkehill Global Management LP owned 0.14% of Gates Industrial at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Tectonic Advisors LLC boosted its holdings in shares of Gates Industrial by 3.6% during the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company’s stock valued at $429,000 after acquiring an additional 724 shares during the period. SRS Capital Advisors Inc. boosted its stake in Gates Industrial by 38.1% during 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 period. Venturi Wealth Management LLC grew its position in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the last quarter. Covestor Ltd increased its stake in shares of Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after purchasing an additional 1,001 shares during the period. Finally, Amalgamated Bank raised its holdings in shares of Gates Industrial by 1.5% during the fourth quarter. Amalgamated Bank now owns 70,711 shares of the company’s stock valued at $1,455,000 after buying an additional 1,047 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Insider Transactions at Gates Industrial

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by insiders.

Gates Industrial Stock Down 1.3 %

NYSE GTES 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 market capitalization of $4.92 billion, a P/E ratio of 26.36 and a beta of 1.33. The company’s 50 day simple moving average is $21.00 and its 200 day simple moving average is $19.97. 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 quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) 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%. Equities research analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GTES shares. Jefferies Financial Group increased their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. KeyCorp increased their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. The Goldman Sachs Group lifted their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Barclays decreased their target price 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. Finally, Citigroup dropped their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Three 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 an average rating of “Moderate Buy” and a consensus target price of $24.22.

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.