Leeward Investments LLC MA Buys 488,967 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Leeward Investments LLC MA increased its stake in Gates Industrial Corp PLC (NYSE:GTES) by 67.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,216,815 shares of the company’s stock after acquiring an additional 488,967 shares during the quarter. Leeward Investments LLC MA’s holdings in Gates Industrial were worth $16,330,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Bailard Inc. bought a new stake in shares of Gates Industrial in the 4th quarter valued at $414,000. Alaska Permanent Fund Corp increased its stake in Gates Industrial by 2.3% during the 4th quarter. Alaska Permanent Fund Corp now owns 186,867 shares of the company’s stock valued at $2,508,000 after purchasing an additional 4,267 shares in the last quarter. GAMMA Investing LLC bought a new stake in Gates Industrial during the 4th quarter valued at $27,000. Wedge Capital Management L L P NC bought a new stake in Gates Industrial during the 4th quarter valued at $1,751,000. Finally, Handelsbanken Fonder AB bought a new stake in Gates Industrial during the 4th quarter valued at $200,000. Institutional investors own 98.50% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the completion of the sale, the insider now owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the completion of the transaction, the insider now owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Wilson S. Neely acquired 10,000 shares of the stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $13.24 per share, with a total value of $132,400.00. Following the transaction, the director now directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders acquired 1,030,492 shares of company stock valued at $12,582,402 over the last quarter. 2.30% of the stock is owned by company insiders.

Gates Industrial Stock Up 1.5 %

GTES stock opened at $17.72 on Friday. Gates Industrial Corp PLC has a 1-year low of $10.68 and a 1-year high of $17.86. The company has a current ratio of 3.08, a quick ratio of 2.25 and a debt-to-equity ratio of 0.70. The company’s 50 day moving average is $16.59 and its 200 day moving average is $13.83. The stock has a market cap of $4.68 billion, a price-to-earnings ratio of 20.85 and a beta of 1.57.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 8th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. The business had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. Sell-side analysts predict that Gates Industrial Corp PLC will post 1.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on GTES. Evercore ISI boosted their price target on shares of Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Citigroup boosted their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Jefferies Financial Group initiated coverage on shares of Gates Industrial in a research note on Thursday, February 29th. They set a “buy” rating and a $21.00 price target for the company. Finally, The Goldman Sachs Group upped their target price on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

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.