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

Invesco Ltd. raised its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,406,630 shares of the company’s stock after buying an additional 168,328 shares during the period. Invesco Ltd.’s holdings in Gates Industrial were worth $152,354,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. HighTower Advisors LLC acquired a new stake in Gates Industrial during the 3rd quarter valued at $179,000. Stifel Financial Corp grew its holdings in shares of Gates Industrial by 40.3% during the third quarter. Stifel Financial Corp now owns 139,338 shares of the company’s stock worth $2,445,000 after purchasing an additional 40,027 shares during the last quarter. State Street Corp grew its holdings in shares of Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after purchasing an additional 3,459,450 shares during the last quarter. EP Wealth Advisors LLC acquired a new stake in shares of Gates Industrial in the third quarter valued at $245,000. Finally, XTX Topco Ltd bought a new position in shares of Gates Industrial in the third quarter valued at about $536,000. Institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. KeyCorp decreased their price objective on shares of Gates Industrial from $27.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Citigroup decreased their price target 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. Barclays dropped their price objective on shares of Gates Industrial from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday. Evercore ISI upped their price objective 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, Royal Bank of Canada lifted their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Insider Activity

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the acquisition, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by company insiders.

Gates Industrial Price Performance

Shares of GTES stock opened at $17.38 on Friday. The firm’s 50 day moving average price is $19.98 and its two-hundred day moving average price is $20.12. 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 52-week low of $14.70 and a 52-week high of $23.85. 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 (NYSE:GTES) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

About Gates Industrial

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.