Gates Industrial Corp PLC (NYSE:GTES) Director Fredrik J. Eliasson Purchases 60,000 Shares

Gates Industrial Corp PLC (NYSE:GTES) Director Fredrik J. Eliasson acquired 60,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the purchase, the director now directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Gates Industrial Stock Performance

Gates Industrial stock traded up $0.57 during midday trading on Tuesday, reaching $19.51. 3,278,005 shares of the stock traded hands, compared to its average volume of 2,923,615. The firm has a fifty day moving average price of $21.02 and a two-hundred day moving average price of $19.96. Gates Industrial Corp PLC has a fifty-two week low of $15.14 and a fifty-two week high of $23.85. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 26.73 and a beta of 1.33. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) 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%. On average, equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on GTES shares. The Goldman Sachs Group raised their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. KeyCorp boosted their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Evercore ISI raised their price objective on 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 cut their target price on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Jefferies Financial Group raised their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.22.

Institutional Trading of Gates Industrial

A number of hedge funds and other institutional investors have recently made changes to their positions in GTES. Amalgamated Bank raised its stake in Gates Industrial by 93.5% during the 3rd quarter. Amalgamated Bank now owns 69,664 shares of the company’s stock valued at $1,223,000 after purchasing an additional 33,668 shares during the period. Principal Financial Group Inc. boosted its position in Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after acquiring an additional 1,048,596 shares during the period. Covestor Ltd grew its stake in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares in the last quarter. Crossmark Global Holdings Inc. raised its holdings in shares of Gates Industrial by 7.0% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 53,079 shares of the company’s stock valued at $931,000 after purchasing an additional 3,459 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its stake in shares of Gates Industrial by 2.8% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 110,629 shares of the company’s stock valued at $1,942,000 after purchasing an additional 3,061 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

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.