Gates Industrial Corp PLC (NYSE:GTES) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System boosted its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 16.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 70,048 shares of the company’s stock after buying an additional 9,838 shares during the quarter. Arizona State Retirement System’s holdings in Gates Industrial were worth $1,441,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. grew its position in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares in the last quarter. Versant Capital Management Inc grew its position in Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after purchasing an additional 1,598 shares in the last quarter. Venturi Wealth Management LLC grew its position in Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares in the last quarter. SRS Capital Advisors Inc. grew its position in Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares in the last quarter. Finally, Quarry LP purchased a new position in Gates Industrial during the 3rd quarter worth approximately $71,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Gates Industrial Stock Down 1.3 %

GTES stock opened at $19.24 on Thursday. 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 Corp PLC has a 1 year low of $15.14 and a 1 year high of $23.85. The company has a fifty day simple moving average of $21.00 and a 200 day simple moving average of $19.97. The firm has a market cap of $4.92 billion, a PE ratio of 26.36 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GTES has been the subject of a number of research reports. Barclays decreased 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. The Goldman Sachs Group lifted their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. KeyCorp lifted their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, Royal Bank of Canada lifted 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. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.22.

Gates Industrial 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.