Thrivent Financial for Lutherans Boosts Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Thrivent Financial for Lutherans raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 39.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,336,894 shares of the company’s stock after purchasing an additional 378,477 shares during the period. Thrivent Financial for Lutherans’ holdings in Gates Industrial were worth $27,500,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. lifted its holdings in Gates Industrial by 41.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 28,857 shares of the company’s stock valued at $594,000 after purchasing an additional 8,527 shares in the last quarter. Natixis Advisors LLC lifted its stake in shares of Gates Industrial by 27.3% in the fourth quarter. Natixis Advisors LLC now owns 217,494 shares of the company’s stock worth $4,474,000 after buying an additional 46,709 shares in the last quarter. Swiss National Bank lifted its stake in shares of Gates Industrial by 16.3% in the fourth quarter. Swiss National Bank now owns 474,800 shares of the company’s stock worth $9,767,000 after buying an additional 66,600 shares in the last quarter. Burkehill Global Management LP purchased a new position in shares of Gates Industrial in the fourth quarter worth about $7,200,000. Finally, Avantax Advisory Services Inc. lifted its stake in shares of Gates Industrial by 6.9% in the fourth quarter. Avantax Advisory Services Inc. now owns 22,540 shares of the company’s stock worth $464,000 after buying an additional 1,452 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Price Performance

Shares of GTES opened at $19.66 on Friday. Gates Industrial Corp PLC has a 1-year low of $15.14 and a 1-year high of $23.85. The stock has a market cap of $5.02 billion, a PE ratio of 26.94 and a beta of 1.33. The firm has a 50-day simple moving average of $20.85 and a two-hundred day simple moving average of $20.02. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GTES. Royal Bank of Canada raised their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Evercore ISI raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. KeyCorp raised their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Citigroup decreased their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, Jefferies Financial Group lifted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.11.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the acquisition, the director now owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

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.