Hudson Bay Capital Management LP Raises Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Hudson Bay Capital Management LP lifted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 170.2% in the 4th quarter, Holdings Channel reports. The firm owned 580,929 shares of the company’s stock after acquiring an additional 365,929 shares during the period. Hudson Bay Capital Management LP’s holdings in Gates Industrial were worth $11,950,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of GTES. GeoWealth Management LLC lifted its position in Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares during the last quarter. Assetmark Inc. lifted its position in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after buying an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Gates Industrial in the 4th quarter worth approximately $43,000. SRS Capital Advisors Inc. lifted its position in Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after buying an additional 724 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its position in Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after buying an additional 567 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of GTES stock opened at $20.75 on Monday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85. The stock has a 50 day moving average price of $18.51 and a two-hundred day moving average price of $20.21. The company has a market capitalization of $5.35 billion, a P/E ratio of 28.42 and a beta of 1.23.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Barclays dropped their target price on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Evercore ISI boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. The Goldman Sachs Group dropped their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Citigroup lowered their price objective on Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Morgan Stanley lowered their price objective on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.78.

Insider Activity at Gates Industrial

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 bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. The trade was a 46.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by corporate insiders.

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.