Heartland Advisors Inc. Acquires 184,413 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Heartland Advisors Inc. grew its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 42.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 615,192 shares of the company’s stock after purchasing an additional 184,413 shares during the period. Heartland Advisors Inc.’s holdings in Gates Industrial were worth $12,654,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its position in shares of Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock valued at $317,461,000 after buying an additional 616,687 shares during the last quarter. FMR LLC boosted its holdings in Gates Industrial by 4.5% during the 3rd 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 during the last quarter. State Street Corp grew its stake in shares of Gates Industrial by 112.9% in the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after acquiring an additional 3,459,450 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Gates Industrial by 31.5% in the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock valued at $109,038,000 after purchasing an additional 1,268,716 shares during the last quarter. Finally, GW&K Investment Management LLC lifted its position in shares of Gates Industrial by 25.8% during the fourth quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company’s stock valued at $105,017,000 after purchasing an additional 1,047,946 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Barclays decreased their price objective on shares of Gates Industrial from $26.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday. Jefferies Financial Group increased their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Citigroup dropped their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. The Goldman Sachs Group reduced their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Finally, Royal Bank of Canada lifted 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. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and an average target price of $24.00.

Insider Activity

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 2.30% of the stock is owned by company insiders.

Gates Industrial Price Performance

NYSE GTES opened at $19.41 on Friday. The company has a market cap of $4.96 billion, a PE ratio of 26.59 and a beta of 1.33. 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 firm’s 50-day simple moving average is $20.81 and its two-hundred day simple moving average is $20.11. Gates Industrial Corp PLC has a 52 week low of $15.14 and a 52 week high of $23.85.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Research analysts predict 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.