Empirical Finance LLC Invests $635,000 in Gates Industrial Corp PLC (NYSE:GTES)

Empirical Finance LLC bought a new stake in Gates Industrial Corp PLC (NYSE:GTES) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 30,874 shares of the company’s stock, valued at approximately $635,000.

Several other hedge funds have also recently added to or reduced their stakes in GTES. GAMMA Investing LLC grew its stake in shares of Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares during the period. Mutual of America Capital Management LLC acquired a new stake in Gates Industrial in the 3rd quarter valued at $597,000. Jennison Associates LLC grew its position in Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after acquiring an additional 1,268,407 shares during the period. Foundry Partners LLC acquired a new position in Gates Industrial during the third quarter worth $4,247,000. Finally, Verition Fund Management LLC lifted its holdings in shares of Gates Industrial by 322.7% during the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock valued at $6,660,000 after acquiring an additional 289,722 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Up 0.0 %

Shares of GTES opened at $22.58 on Tuesday. The firm has a market capitalization of $5.75 billion, a price-to-earnings ratio of 30.92 and a beta of 1.37. Gates Industrial Corp PLC has a 52 week low of $12.41 and a 52 week high of $23.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The business’s fifty day moving average price is $21.02 and its two-hundred day moving average price is $19.34.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%. On average, analysts predict that Gates Industrial Corp PLC will post 1.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on GTES shares. Jefferies Financial Group upped their target price on shares of 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 raised their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. KeyCorp boosted their target price on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday. Royal Bank of Canada raised their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday. Finally, Citigroup cut their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and an average price target of $23.00.

Gates Industrial 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.