Swiss National Bank Acquires 66,600 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Swiss National Bank increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 16.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 474,800 shares of the company’s stock after purchasing an additional 66,600 shares during the period. Swiss National Bank owned 0.19% of Gates Industrial worth $9,767,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Assetmark Inc. boosted its stake in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares in the last quarter. Versant Capital Management Inc boosted its stake in Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares in the last quarter. SRS Capital Advisors Inc. boosted its stake in Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after acquiring an additional 724 shares in the last quarter. Quarry LP acquired a new stake in Gates Industrial in the third quarter valued at approximately $71,000. Finally, KBC Group NV boosted its stake in Gates Industrial by 35.1% in the third quarter. KBC Group NV now owns 5,646 shares of the company’s stock valued at $99,000 after acquiring an additional 1,468 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Gates Industrial

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $19.56 per share, for a total transaction 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 trade represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday. Royal Bank of Canada raised their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Evercore ISI raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Barclays lowered their target price on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Finally, 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 report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.11.

Gates Industrial Trading Down 1.7 %

Shares of Gates Industrial stock opened at $19.33 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The firm has a fifty day moving average price of $20.84 and a 200 day moving average price of $20.03. 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 $4.94 billion, a PE ratio of 26.48 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data 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%. Equities research analysts predict 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.