Wedge Capital Management L L P NC Takes Position in Gates Industrial Corp PLC (NYSE:GTES)

Wedge Capital Management L L P NC purchased a new stake in Gates Industrial Corp PLC (NYSE:GTES) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 130,496 shares of the company’s stock, valued at approximately $1,751,000.

Other institutional investors also recently modified their holdings of the company. Covestor Ltd lifted its holdings in shares of Gates Industrial by 42.8% in the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock valued at $57,000 after purchasing an additional 1,454 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new stake in Gates Industrial during the third quarter worth about $77,000. CWM LLC raised its holdings in Gates Industrial by 293.1% during the third quarter. CWM LLC now owns 7,433 shares of the company’s stock worth $86,000 after acquiring an additional 5,542 shares in the last quarter. SG Americas Securities LLC bought a new stake in Gates Industrial during the third quarter worth about $115,000. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in Gates Industrial during the third quarter worth about $117,000. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Trading Up 0.7 %

Shares of GTES stock opened at $17.78 on Thursday. The stock has a 50 day simple moving average of $16.33 and a 200 day simple moving average of $13.73. The company has a current ratio of 3.08, a quick ratio of 2.25 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 $17.86. The stock has a market cap of $4.70 billion, a P/E ratio of 20.92 and a beta of 1.57.

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

Analysts Set New Price Targets

Several analysts recently issued reports on GTES shares. TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. The Goldman Sachs Group boosted their price target on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Evercore ISI boosted their price target on Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. Jefferies Financial Group started coverage on Gates Industrial in a research report on Thursday, February 29th. They set a “buy” rating and a $21.00 price target on the stock. Finally, KeyCorp raised Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target on the stock in a research report on Thursday, February 22nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Insider Activity at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of the 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 completion of the sale, the insider now directly owns 107,324 shares in the company, valued at $1,292,180.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Gates Industrial news, Director Neil P. Simpkins purchased 1,000,000 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was purchased at an average cost of $12.20 per share, for a total transaction of $12,200,000.00. Following the acquisition, the director now owns 1,000,000 shares in the company, valued at approximately $12,200,000. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction dated 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 owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The disclosure for this sale can be found here. Insiders purchased 1,030,492 shares of company stock worth $12,582,402 over the last three months. Company 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.