Alaska Permanent Fund Corp Boosts Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Alaska Permanent Fund Corp increased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 2.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 186,867 shares of the company’s stock after acquiring an additional 4,267 shares during the period. Alaska Permanent Fund Corp owned approximately 0.07% of Gates Industrial worth $2,508,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Covestor Ltd boosted its position in Gates Industrial by 42.8% during the 3rd quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after acquiring an additional 1,454 shares during the period. GAMMA Investing LLC acquired a new stake in Gates Industrial in the 4th quarter valued at $27,000. Natixis Advisors L.P. raised its position in Gates Industrial by 4.6% in the 3rd quarter. Natixis Advisors L.P. now owns 49,641 shares of the company’s stock valued at $576,000 after purchasing an additional 2,198 shares during the last quarter. Essex Investment Management Co. LLC raised its position in shares of Gates Industrial by 1.9% during the third quarter. Essex Investment Management Co. LLC now owns 125,281 shares of the company’s stock worth $1,455,000 after acquiring an additional 2,333 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. raised its position in shares of Gates Industrial by 3.1% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 87,238 shares of the company’s stock worth $1,171,000 after acquiring an additional 2,645 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Gates Industrial

In related news, Director Wilson S. Neely acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the acquisition, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Gates Industrial news, Director Wilson S. Neely bought 10,000 shares of the stock in a transaction on Tuesday, February 20th. The stock was purchased at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the purchase, the director now directly owns 56,664 shares in the company, valued at $750,231.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the completion of the sale, the insider now directly owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The disclosure for this sale can be found here. Insiders have purchased a total of 1,030,492 shares of company stock valued at $12,582,402 in the last ninety days. 2.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group increased their price target on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Wolfe Research raised Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a research report on Friday, March 8th. Jefferies Financial Group initiated coverage on Gates Industrial in a research note on Thursday, February 29th. They set a “buy” rating and a $21.00 price target for the company. Citigroup lifted their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, Evercore ISI boosted their target price on shares of Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Gates Industrial Price Performance

Shares of NYSE GTES traded down $0.27 during trading on Thursday, hitting $17.50. The company had a trading volume of 162,914 shares, compared to its average volume of 2,761,600. The stock has a fifty day simple moving average of $16.33 and a two-hundred day simple moving average of $13.73. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $17.86. The firm has a market capitalization of $4.62 billion, a price-to-earnings ratio of 20.92 and a beta of 1.57. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. The firm had revenue of $863.30 million during the quarter, compared to analysts’ expectations of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. On average, research analysts expect that Gates Industrial Corp PLC will post 1.32 earnings per share for the current year.

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.