Uncommon Cents Investing LLC Makes New $241,000 Investment in Gates Industrial Corp PLC (NYSE:GTES)

Uncommon Cents Investing LLC bought a new position in Gates Industrial Corp PLC (NYSE:GTES) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,935 shares of the company’s stock, valued at approximately $241,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Sendero Wealth Management LLC increased its holdings in shares of Gates Industrial by 40.1% during the fourth quarter. Sendero Wealth Management LLC now owns 36,754 shares of the company’s stock valued at $493,000 after acquiring an additional 10,528 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Gates Industrial by 20.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,613,276 shares of the company’s stock valued at $48,490,000 after acquiring an additional 624,517 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Gates Industrial by 22.5% during the fourth quarter. Raymond James & Associates now owns 199,938 shares of the company’s stock valued at $2,683,000 after acquiring an additional 36,672 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Gates Industrial by 796.0% during the fourth quarter. SG Americas Securities LLC now owns 88,480 shares of the company’s stock valued at $1,187,000 after acquiring an additional 78,605 shares in the last quarter. Finally, Riverwater Partners LLC increased its holdings in shares of Gates Industrial by 26.5% during the fourth quarter. Riverwater Partners LLC now owns 16,625 shares of the company’s stock valued at $223,000 after acquiring an additional 3,487 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Performance

GTES stock traded down $0.04 during midday trading on Thursday, hitting $17.70. The company’s stock had a trading volume of 2,152,400 shares, compared to its average volume of 3,021,353. The stock’s 50-day moving average price is $14.64 and its 200 day moving average price is $12.94. 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 Corp PLC has a 1 year low of $10.68 and a 1 year high of $17.81. The stock has a market cap of $4.68 billion, a price-to-earnings ratio of 20.87 and a beta of 1.55.

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

Insiders Place Their Bets

In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the sale, the insider now directly owns 107,324 shares in the company, valued at $1,292,180.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the sale, the insider now directly owns 107,324 shares in the company, valued at $1,292,180.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ivo Jurek bought 20,492 shares of the stock in a transaction on Friday, February 16th. The stock was purchased at an average price of $12.20 per share, for a total transaction of $250,002.40. Following the completion of the purchase, the chief executive officer now owns 626,088 shares of the company’s stock, valued at $7,638,273.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 1,030,492 shares of company stock valued at $12,582,402. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

GTES has been the subject of several recent research reports. TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Jefferies Financial Group assumed coverage on Gates Industrial in a research report on Thursday, February 29th. They set a “buy” rating and a $21.00 target price on the stock. Wolfe Research raised Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research report on Friday, March 8th. KeyCorp raised Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 target price on the stock in a research report on Thursday, February 22nd. Finally, Evercore ISI lifted their target price on Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.17.

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.