Bailard Inc. Takes Position in Gates Industrial Corp PLC (NYSE:GTES)

Bailard Inc. bought a new position in Gates Industrial Corp PLC (NYSE:GTES) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 30,824 shares of the company’s stock, valued at approximately $414,000.

Several other institutional investors and hedge funds also recently bought and sold shares of GTES. Covestor Ltd raised its stake in shares of Gates Industrial by 42.8% in the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after buying an additional 1,454 shares during the period. GAMMA Investing LLC bought a new stake in Gates Industrial during the 4th quarter worth approximately $27,000. Natixis Advisors L.P. raised its stake in Gates Industrial by 4.6% during the 3rd quarter. Natixis Advisors L.P. now owns 49,641 shares of the company’s stock worth $576,000 after acquiring an additional 2,198 shares during the period. Essex Investment Management Co. LLC lifted its holdings in Gates Industrial by 1.9% during the third quarter. Essex Investment Management Co. LLC now owns 125,281 shares of the company’s stock valued at $1,455,000 after purchasing an additional 2,333 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. boosted its position in shares of Gates Industrial by 3.1% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 87,238 shares of the company’s stock worth $1,171,000 after purchasing an additional 2,645 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Gates Industrial

In related news, Director Neil P. Simpkins acquired 1,000,000 shares of Gates Industrial stock in a transaction on Friday, February 16th. The shares were bought at an average cost of $12.20 per share, with a total value of $12,200,000.00. Following the completion of the purchase, the director now directly owns 1,000,000 shares of the company’s stock, valued at approximately $12,200,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Wilson S. Neely bought 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The stock was purchased at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the acquisition, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Neil P. Simpkins purchased 1,000,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were purchased at an average cost of $12.20 per share, with a total value of $12,200,000.00. Following the completion of the purchase, the director now owns 1,000,000 shares in the company, valued at approximately $12,200,000. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 1,030,492 shares of company stock valued at $12,582,402. Insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on GTES. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research report on Friday, March 8th. TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Evercore ISI increased their target price on Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. The Goldman Sachs Group upped their price target on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, Jefferies Financial Group started coverage on shares of Gates Industrial in a research report on Thursday, February 29th. They set a “buy” rating and a $21.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and an average target price of $18.00.

Gates Industrial Stock Up 1.5 %

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

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. The company had revenue of $863.30 million for the quarter, compared to the consensus estimate of $892.40 million. As a group, equities analysts expect that Gates Industrial Corp PLC will post 1.32 earnings per share for the current fiscal 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.