J. Goldman & Co LP Makes New Investment in Gates Industrial Corp PLC (NYSE:GTES)

J. Goldman & Co LP bought a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 317,827 shares of the company’s stock, valued at approximately $6,538,000.

Several other large investors also recently modified their holdings of the stock. FMR LLC boosted its holdings in shares of Gates Industrial by 48.9% in the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Gates Industrial by 1,185.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock valued at $69,187,000 after buying an additional 3,101,738 shares in the last quarter. Norges Bank bought a new position in Gates Industrial in the fourth quarter valued at about $56,520,000. Raymond James Financial Inc. acquired a new position in Gates Industrial during the fourth quarter worth about $42,080,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Gates Industrial by 101.0% in the fourth quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company’s stock worth $55,935,000 after acquiring an additional 1,366,431 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GTES shares. The Goldman Sachs Group decreased their price target on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Royal Bank of Canada upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Barclays cut their price objective on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. KeyCorp upped their target price on Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Finally, Citigroup cut their price target on Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.78.

Insider Buying and Selling

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

Gates Industrial Trading Up 0.4 %

NYSE GTES opened at $20.75 on Friday. Gates Industrial Corp PLC has a 12 month low of $14.70 and a 12 month high of $23.85. 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 firm has a market capitalization of $5.35 billion, a PE ratio of 28.42 and a beta of 1.23. The business’s 50-day moving average price is $18.51 and its two-hundred day moving average price is $20.19.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business had revenue of $847.60 million for the quarter, compared to analysts’ expectations of $823.56 million. During the same period in the prior year, the business posted $0.31 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. On average, analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

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.