Alaska Permanent Fund Corp Buys 4,267 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Alaska Permanent Fund Corp boosted its position in Gates Industrial Corp PLC (NYSE:GTES) by 2.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 186,867 shares of the company’s stock after acquiring an additional 4,267 shares during the period. Alaska Permanent Fund Corp’s holdings in Gates Industrial were worth $2,508,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Gates Industrial by 12.4% during the third quarter. Vanguard Group Inc. now owns 13,810,748 shares of the company’s stock valued at $160,343,000 after purchasing an additional 1,520,338 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Gates Industrial by 28.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 12,300,192 shares of the company’s stock worth $165,069,000 after buying an additional 2,697,624 shares during the last quarter. Cooke & Bieler LP increased its holdings in shares of Gates Industrial by 7.9% during the 4th quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company’s stock valued at $109,427,000 after purchasing an additional 594,559 shares in the last quarter. American Century Companies Inc. grew its stake in Gates Industrial by 8.9% in the 3rd quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock valued at $88,265,000 after acquiring an additional 620,131 shares during the period. Finally, AQR Capital Management LLC boosted its stake in Gates Industrial by 105.5% during the 3rd quarter. AQR Capital Management LLC now owns 7,044,308 shares of the company’s stock worth $81,784,000 after purchasing an additional 3,617,020 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Gates Industrial

In related news, Director Neil P. Simpkins purchased 1,000,000 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was bought at an average price of $12.20 per share, for a total transaction of $12,200,000.00. Following the purchase, the director now directly owns 1,000,000 shares in the company, valued at approximately $12,200,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Gates Industrial news, CEO Ivo Jurek bought 20,492 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was acquired at an average price of $12.20 per share, with a total value of $250,002.40. Following the completion of the purchase, the chief executive officer now owns 626,088 shares of the company’s stock, valued at $7,638,273.60. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Neil P. Simpkins bought 1,000,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was bought at an average price of $12.20 per share, for a total transaction of $12,200,000.00. Following the acquisition, the director now directly owns 1,000,000 shares of the company’s stock, valued at approximately $12,200,000. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 1,030,492 shares of company stock valued at $12,582,402. 2.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. KeyCorp upgraded shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price objective on the stock in a report on Thursday, February 22nd. Jefferies Financial Group began coverage on Gates Industrial in a research report on Thursday, February 29th. They issued a “buy” rating and a $21.00 price objective for the company. Evercore ISI increased their price objective on 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 raised their price objective on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, TheStreet raised Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Gates Industrial Stock Performance

NYSE GTES traded down $0.27 during trading on Thursday, reaching $17.50. 162,914 shares of the company’s stock were exchanged, compared to its average volume of 2,761,600. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $17.86. The business has a 50 day moving average price of $16.33 and a 200-day moving average price of $13.73. 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 $4.62 billion, a P/E ratio of 20.92 and a beta of 1.57.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.10. The company had revenue of $863.30 million during the quarter, compared to the consensus estimate of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. Sell-side analysts forecast 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.