Envestnet Portfolio Solutions Inc. Increases Position in Gates Industrial Corp PLC (NYSE:GTES)

Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 41.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 28,857 shares of the company’s stock after acquiring an additional 8,527 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Gates Industrial were worth $594,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTES. Allspring Global Investments Holdings LLC boosted its stake in Gates Industrial by 4.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock worth $317,461,000 after buying an additional 616,687 shares during the last quarter. FMR LLC lifted its holdings in shares of Gates Industrial by 4.5% during the 3rd quarter. FMR LLC now owns 13,059,271 shares of the company’s stock worth $229,190,000 after acquiring an additional 562,643 shares during the period. State Street Corp boosted its position in shares of Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after acquiring an additional 3,459,450 shares during the last quarter. Jennison Associates LLC grew its holdings in Gates Industrial by 31.5% in the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock valued at $109,038,000 after purchasing an additional 1,268,716 shares during the period. Finally, GW&K Investment Management LLC increased its position in Gates Industrial by 25.8% during the fourth quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company’s stock worth $105,017,000 after purchasing an additional 1,047,946 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Royal Bank of Canada boosted their price objective 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. Barclays dropped their price target on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Jefferies Financial Group lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Evercore ISI increased their target price 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. Finally, KeyCorp lifted their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.11.

Insider Buying and Selling

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Gates Industrial Trading Up 3.8 %

GTES opened at $20.11 on Tuesday. The firm’s 50 day moving average is $20.84 and its 200-day moving average is $20.09. 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 firm has a market capitalization of $5.14 billion, a P/E ratio of 27.54 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Analysts expect 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.