Amundi Takes Position in Gates Industrial Corp PLC (NYSE:GTES)

Amundi acquired a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) during the 4th quarter, HoldingsChannel.com reports. The firm acquired 123,334 shares of the company’s stock, valued at approximately $2,480,000.

Several other institutional investors and hedge funds have also recently modified their holdings of GTES. State of New Jersey Common Pension Fund D raised its position in shares of Gates Industrial by 2.8% during the third 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 buying an additional 3,061 shares during the last quarter. Victory Capital Management Inc. increased its position in Gates Industrial by 20.1% in the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company’s stock worth $19,154,000 after purchasing an additional 182,307 shares during the last quarter. KBC Group NV increased its position in Gates Industrial by 35.1% in the third quarter. KBC Group NV now owns 5,646 shares of the company’s stock worth $99,000 after purchasing an additional 1,468 shares during the last quarter. CIBC Asset Management Inc bought a new stake in Gates Industrial in the third quarter worth $305,000. Finally, Empowered Funds LLC bought a new stake in Gates Industrial in the third quarter worth $7,242,000. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on GTES. Evercore ISI boosted 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 report on Wednesday, February 19th. KeyCorp lifted their price objective 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. Jefferies Financial Group lifted their price objective 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. Royal Bank of Canada lifted their price objective 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. Finally, Barclays dropped their price objective 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. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.22.

Insider Activity

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Stock Performance

GTES opened at $19.71 on Monday. Gates Industrial Corp PLC has a 52-week low of $15.14 and a 52-week high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The company has a market cap of $5.03 billion, a P/E ratio of 26.99 and a beta of 1.33. The firm’s 50-day moving average price is $20.92 and its 200-day moving average price is $20.00.

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