Gates Industrial Corp PLC (NYSE:GTES) major shareholder Aggregator (Cayman) L.P. Omaha purchased 264,708 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was bought at an average cost of $7.94 per share, with a total value of $2,101,781.52. The purchase was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Shares of Gates Industrial stock opened at $7.93 on Friday. Gates Industrial Corp PLC has a 52-week low of $6.76 and a 52-week high of $20.29. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 6.20 and a beta of 1.89. The company has a fifty day moving average of $10.34 and a 200-day moving average of $13.28. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.06 and a current ratio of 2.91.
Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.01). Gates Industrial had a net margin of 23.82% and a return on equity of 13.03%. The business had revenue of $809.90 million during the quarter, compared to analysts’ expectations of $846.93 million. The firm’s revenue for the quarter was down 7.5% on a year-over-year basis. On average, equities research analysts forecast that Gates Industrial Corp PLC will post 0.91 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC purchased a new stake in shares of Gates Industrial in the 1st quarter valued at $33,000. Quantamental Technologies LLC boosted its stake in shares of Gates Industrial by 146.7% in the 1st quarter. Quantamental Technologies LLC now owns 3,700 shares of the company’s stock valued at $53,000 after purchasing an additional 2,200 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Gates Industrial by 73.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 8,324 shares of the company’s stock valued at $94,000 after purchasing an additional 3,534 shares in the last quarter. Point72 Hong Kong Ltd raised its holdings in Gates Industrial by 119.3% during the 2nd quarter. Point72 Hong Kong Ltd now owns 10,092 shares of the company’s stock valued at $115,000 after buying an additional 5,491 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new stake in Gates Industrial during the 2nd quarter valued at $131,000.
A number of equities analysts have commented on GTES shares. Zacks Investment Research raised shares of Gates Industrial from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 11th. KeyCorp cut their price target on shares of Gates Industrial from $19.00 to $15.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Barclays reissued a “hold” rating and issued a $13.00 price target on shares of Gates Industrial in a research note on Thursday, June 6th. Goldman Sachs Group raised shares of Gates Industrial from a “neutral” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Tuesday, June 25th. Finally, ValuEngine cut shares of Gates Industrial from a “hold” rating to a “sell” rating in a research note on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. Gates Industrial currently has an average rating of “Hold” and a consensus target price of $14.43.
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.
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