Millennium Management LLC Has $27.09 Million Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Millennium Management LLC increased its stake in Gates Industrial Corp PLC (NYSE:GTES) by 278.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,316,988 shares of the company’s stock after acquiring an additional 969,263 shares during the quarter. Millennium Management LLC owned about 0.52% of Gates Industrial worth $27,090,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GTES. GeoWealth Management LLC lifted its position in shares of 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 purchasing an additional 789 shares during the period. Assetmark Inc. raised its stake in Gates Industrial by 2,968.6% during the fourth 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 acquired a new position in Gates Industrial in the fourth quarter valued at $43,000. SRS Capital Advisors Inc. boosted its position in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after acquiring an additional 724 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its position in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after acquiring an additional 567 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The stock was purchased at an average price of $19.56 per share, for a total transaction 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. The trade was a 46.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GTES shares. Royal Bank of Canada lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Citigroup lowered their target price on Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a report on Monday, April 14th. The Goldman Sachs Group cut their price target on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Barclays lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. Finally, KeyCorp increased their target price on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.89.

Gates Industrial Price Performance

Shares of GTES opened at $21.87 on Tuesday. The business’s fifty day moving average is $18.81 and its 200 day moving average is $20.34. Gates Industrial Corp PLC has a 12-month low of $14.70 and a 12-month high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The stock has a market cap of $5.64 billion, a P/E ratio of 29.96 and a beta of 1.23.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm earned $0.31 earnings per share. Sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal 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.