Summit Trail Advisors LLC Raises Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Summit Trail Advisors LLC increased its position in Gates Industrial Corp PLC (NYSE:GTES) by 21.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,883 shares of the company’s stock after acquiring an additional 4,408 shares during the quarter. Summit Trail Advisors LLC’s holdings in Gates Industrial were worth $334,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of Gates Industrial in the third quarter worth $115,000. Raymond James & Associates increased its stake in Gates Industrial by 16.2% in the 3rd quarter. Raymond James & Associates now owns 163,266 shares of the company’s stock worth $1,896,000 after buying an additional 22,730 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Gates Industrial by 76.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,163 shares of the company’s stock valued at $365,000 after acquiring an additional 13,465 shares in the last quarter. Strs Ohio boosted its stake in shares of Gates Industrial by 18.4% in the third quarter. Strs Ohio now owns 161,840 shares of the company’s stock worth $1,878,000 after acquiring an additional 25,138 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Gates Industrial by 0.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 9,602,568 shares of the company’s stock worth $111,486,000 after purchasing an additional 47,587 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Gates Industrial in a research note on Thursday, February 29th. They issued a “buy” rating and a $21.00 price target for the company. Evercore ISI raised their target price 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. The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Robert W. Baird upped their price target on shares of Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Finally, KeyCorp upgraded Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target for the company in a research report on Thursday, February 22nd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average target price of $18.78.

Insiders Place Their Bets

In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the sale, the insider now owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Gates Industrial news, CEO Ivo Jurek purchased 20,492 shares of Gates Industrial stock in a transaction on Friday, February 16th. The stock was bought at an average cost of $12.20 per share, with a total value of $250,002.40. Following the transaction, the chief executive officer now owns 626,088 shares of the company’s stock, valued at approximately $7,638,273.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the insider now directly owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 1,030,492 shares of company stock valued at $12,582,402. 2.30% of the stock is currently owned by corporate insiders.

Gates Industrial Stock Down 1.0 %

NYSE:GTES opened at $16.29 on Wednesday. The company has a market cap of $4.26 billion, a price-to-earnings ratio of 18.09 and a beta of 1.54. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $17.99. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. The stock has a fifty day simple moving average of $16.96 and a 200-day simple moving average of $14.14.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 8th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.10. The business had revenue of $863.30 million for the quarter, compared to the consensus estimate of $892.40 million. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. Analysts anticipate that Gates Industrial Corp PLC will post 1.32 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.