State of Wyoming Invests $254,000 in Gates Industrial Corp PLC (NYSE:GTES)

State of Wyoming acquired a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 12,349 shares of the company’s stock, valued at approximately $254,000.

Several other large investors have also modified their holdings of GTES. FMR LLC raised its holdings in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company’s stock worth $399,931,000 after acquiring an additional 6,383,165 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock worth $317,461,000 after acquiring an additional 616,687 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company’s stock worth $152,354,000 after acquiring an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI raised its holdings in shares of Gates Industrial by 0.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company’s stock worth $148,615,000 after acquiring an additional 21,191 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Gates Industrial by 1.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company’s stock worth $135,145,000 after acquiring an additional 85,253 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Transactions at Gates Industrial

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Morgan Stanley cut their price objective on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. Wall Street Zen upgraded Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Thursday. Citigroup cut their target price on Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, April 14th. The Goldman Sachs Group cut their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Finally, Barclays raised their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, May 12th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.89.

Gates Industrial Trading Down 0.3%

Gates Industrial stock opened at $20.95 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The business’s 50-day simple moving average is $18.96 and its 200-day simple moving average is $20.37. The firm has a market capitalization of $5.40 billion, a PE ratio of 28.70 and a beta of 1.23. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 earnings per share. Equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current 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.