Xponance Inc. Takes $215,000 Position in Gates Industrial Corp PLC (NYSE:GTES)

Xponance Inc. acquired a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) in the 4th quarter, HoldingsChannel reports. The firm acquired 10,450 shares of the company’s stock, valued at approximately $215,000.

A number of other institutional investors also recently bought and sold shares of GTES. Thrivent Financial for Lutherans increased its holdings in shares of Gates Industrial by 39.5% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,336,894 shares of the company’s stock worth $27,500,000 after buying an additional 378,477 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in Gates Industrial by 41.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 28,857 shares of the company’s stock worth $594,000 after acquiring an additional 8,527 shares during the last quarter. Natixis Advisors LLC raised its position in Gates Industrial by 27.3% in the fourth quarter. Natixis Advisors LLC now owns 217,494 shares of the company’s stock valued at $4,474,000 after purchasing an additional 46,709 shares during the period. Swiss National Bank lifted its stake in shares of Gates Industrial by 16.3% in the 4th quarter. Swiss National Bank now owns 474,800 shares of the company’s stock valued at $9,767,000 after purchasing an additional 66,600 shares during the last quarter. Finally, Burkehill Global Management LP purchased a new position in shares of Gates Industrial during the 4th quarter worth $7,200,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Price Performance

GTES stock opened at $18.48 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. Gates Industrial Corp PLC has a 1 year low of $15.14 and a 1 year high of $23.85. The business’s 50-day moving average is $20.77 and its two-hundred day moving average is $20.12. The firm has a market capitalization of $4.72 billion, a P/E ratio of 25.31 and a beta of 1.33.

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

Wall Street Analyst Weigh In

GTES has been the topic of several research analyst reports. 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 report on Friday, February 7th. The Goldman Sachs Group decreased their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Evercore ISI lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday, February 19th. KeyCorp upped 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. Finally, Barclays dropped their price objective on Gates Industrial from $26.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average target price of $24.00.

Insider Activity

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the acquisition, the director now directly owns 188,452 shares of the company’s stock, valued at $3,686,121.12. The trade was a 46.71 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

About Gates Industrial

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.