Treasurer of the State of North Carolina Increases Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Treasurer of the State of North Carolina boosted its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 16.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,050 shares of the company’s stock after acquiring an additional 14,510 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Gates Industrial were worth $2,140,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. lifted its holdings in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in 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 acquiring an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. grew its stake in shares of Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Gates Industrial by 29.0% during the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after purchasing an additional 1,130 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. The Goldman Sachs Group cut their target price on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Barclays reduced their price objective on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Evercore ISI boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Royal Bank of Canada increased their price objective 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, Citigroup decreased their price target on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $22.67.

Insider Buying and Selling

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

Gates Industrial Stock Performance

GTES opened at $16.93 on Friday. The firm has a market cap of $4.32 billion, a P/E ratio of 23.19 and a beta of 1.24. Gates Industrial Corp PLC has a 1-year low of $14.70 and a 1-year high of $23.85. The company has a 50 day simple moving average of $19.56 and a two-hundred day simple moving average of $20.08. 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 issued its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (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%. Equities analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

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.