Handelsbanken Fonder AB Purchases 129,700 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Handelsbanken Fonder AB increased its position in Gates Industrial Corp PLC (NYSE:GTES) by 10.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,372,300 shares of the company’s stock after buying an additional 129,700 shares during the period. Handelsbanken Fonder AB owned 0.54% of Gates Industrial worth $28,228,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC acquired a new position in shares of Gates Industrial during the 3rd quarter worth $597,000. Jennison Associates LLC boosted its holdings in Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after purchasing an additional 1,268,407 shares in the last quarter. Foundry Partners LLC acquired a new position in Gates Industrial during the third quarter worth $4,247,000. Verition Fund Management LLC raised its holdings in Gates Industrial by 322.7% during the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock valued at $6,660,000 after buying an additional 289,722 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Gates Industrial by 20.1% in the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company’s stock worth $19,154,000 after buying an additional 182,307 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Jefferies Financial Group increased their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Barclays increased their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 14th. KeyCorp boosted their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Citigroup lowered their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, Royal Bank of Canada boosted their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $23.90.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $23.30 on Friday. 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 Corp PLC has a fifty-two week low of $13.37 and a fifty-two week high of $23.85. The firm has a fifty day moving average price of $21.08 and a two-hundred day moving average price of $19.60. The company has a market cap of $5.95 billion, a PE ratio of 31.91 and a beta of 1.37.

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

About Gates Industrial

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.