79,143 Shares in Gates Industrial Corp PLC (NYSE:GTES) Bought by Cinctive Capital Management LP

Cinctive Capital Management LP purchased a new position in Gates Industrial Corp PLC (NYSE:GTES) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 79,143 shares of the company’s stock, valued at approximately $1,628,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Gates Industrial by 15.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,197 shares of the company’s stock valued at $735,000 after buying an additional 5,643 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Gates Industrial by 91.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 563,407 shares of the company’s stock valued at $9,888,000 after acquiring an additional 268,484 shares in the last quarter. Benjamin Edwards Inc. grew its stake in Gates Industrial by 69.1% during the third quarter. Benjamin Edwards Inc. now owns 30,558 shares of the company’s stock valued at $536,000 after acquiring an additional 12,482 shares in the last quarter. HighTower Advisors LLC bought a new stake in Gates Industrial in the 3rd quarter valued at $179,000. Finally, Maven Securities LTD lifted its stake in Gates Industrial by 41.7% in the 3rd quarter. Maven Securities LTD now owns 17,000 shares of the company’s stock worth $298,000 after purchasing an additional 5,000 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Activity at Gates Industrial

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

Analysts Set New Price Targets

GTES has been the topic of several research reports. Jefferies Financial Group lifted 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. The Goldman Sachs Group reduced their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Barclays decreased their price objective on Gates Industrial from $26.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday, March 26th. Citigroup cut their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Finally, KeyCorp upped their price target 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. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Gates Industrial Stock Down 12.2 %

NYSE GTES opened at $16.89 on Friday. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 52 week low of $15.14 and a 52 week high of $23.85. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 23.13 and a beta of 1.24. The company has a fifty day moving average of $20.58 and a two-hundred day moving average of $20.17.

Gates Industrial (NYSE:GTES) last released its 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, analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

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.