Invesco Ltd. Purchases 168,328 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Invesco Ltd. boosted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 2.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,406,630 shares of the company’s stock after acquiring an additional 168,328 shares during the quarter. Invesco Ltd. owned approximately 2.91% of Gates Industrial worth $152,354,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Stifel Financial Corp increased its holdings in shares of Gates Industrial by 40.3% during the 3rd quarter. Stifel Financial Corp now owns 139,338 shares of the company’s stock valued at $2,445,000 after acquiring an additional 40,027 shares during the last quarter. Park Avenue Securities LLC grew its holdings in Gates Industrial by 29.1% during the fourth quarter. Park Avenue Securities LLC now owns 49,939 shares of the company’s stock valued at $1,027,000 after purchasing an additional 11,251 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Gates Industrial by 29.0% in the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after purchasing an additional 1,130 shares during the period. Oliver Luxxe Assets LLC acquired a new stake in shares of Gates Industrial in the fourth quarter worth $1,665,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Gates Industrial during the 4th quarter worth $2,154,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. KeyCorp cut their target price on shares of Gates Industrial from $27.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada boosted their price objective on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. The Goldman Sachs Group lowered their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Evercore ISI upped their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. Finally, Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.00.

Insider Activity at Gates Industrial

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.30% of the stock is currently owned by insiders.

Gates Industrial Stock Performance

GTES opened at $17.38 on Friday. The stock’s 50 day simple moving average is $19.98 and its 200-day simple moving average is $20.12. 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 $4.44 billion, a PE ratio of 23.80 and a beta of 1.24. Gates Industrial Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85.

Gates Industrial (NYSE:GTES) last announced 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 net margin of 5.72% and a return on equity of 9.75%. Sell-side analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS 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.