Summit Trail Advisors LLC Has $334,000 Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Summit Trail Advisors LLC raised its stake in Gates Industrial Corp PLC (NYSE:GTES) by 21.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,883 shares of the company’s stock after acquiring an additional 4,408 shares during the period. Summit Trail Advisors LLC’s holdings in Gates Industrial were worth $334,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

GTES has been the topic of a number of research analyst reports. Jefferies Financial Group began coverage on shares of Gates Industrial in a report on Thursday, February 29th. They set a “buy” rating and a $21.00 price objective on the stock. Evercore ISI raised their price target 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. Robert W. Baird increased their price objective on Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Citigroup boosted their price objective on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, KeyCorp upgraded shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target for the company in a research report on Thursday, February 22nd. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.78.

Gates Industrial Stock Down 1.0 %

GTES stock opened at $16.29 on Wednesday. The business has a 50-day moving average of $16.96 and a 200-day moving average of $14.14. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $17.99. The stock has a market capitalization of $4.26 billion, a P/E ratio of 18.09 and a beta of 1.54. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.15.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Thursday, February 8th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.10. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. The business had revenue of $863.30 million for the quarter, compared to analyst estimates of $892.40 million. On average, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.32 earnings per share for the current fiscal year.

Insider Transactions at Gates Industrial

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

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.