31,128 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by AXQ Capital LP

AXQ Capital LP bought a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 31,128 shares of the company’s stock, valued at approximately $640,000.

Other large investors also recently modified their holdings of the company. Assetmark Inc. raised its position in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. raised its holdings in shares of 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 buying an additional 724 shares in the last quarter. Quarry LP bought a new stake in shares of Gates Industrial during the 3rd quarter worth $71,000. Finally, KBC Group NV boosted its stake in Gates Industrial by 35.1% in the third quarter. KBC Group NV now owns 5,646 shares of the company’s stock valued at $99,000 after buying an additional 1,468 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on GTES shares. Barclays dropped their target price on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Evercore ISI raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. KeyCorp upped their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. The Goldman Sachs Group cut their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Jefferies Financial Group upped their target price on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.11.

Gates Industrial Trading Down 1.7 %

Shares of GTES stock opened at $19.33 on Friday. The stock has a 50-day moving average of $20.84 and a 200-day moving average of $20.04. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of 26.48 and a beta of 1.33. Gates Industrial Corp PLC has a 1-year low of $15.14 and a 1-year high of $23.85.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by company insiders.

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.