Gates Industrial Corp PLC (NYSE:GTES) major shareholder Blackstone Group Inc purchased 282,500 shares of the stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average cost of $8.22 per share, for a total transaction of $2,322,150.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Gates Industrial stock traded up $0.25 during midday trading on Wednesday, reaching $8.40. 1,178,581 shares of the stock were exchanged, compared to its average volume of 480,090. The company’s fifty day moving average is $9.94 and its 200-day moving average is $13.11. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.06 and a current ratio of 2.91. The firm has a market cap of $2.27 billion, a PE ratio of 6.56 and a beta of 1.89. Gates Industrial Corp PLC has a 52 week low of $6.76 and a 52 week high of $20.29.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.26 EPS for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.01). The company had revenue of $809.90 million during the quarter, compared to the consensus estimate of $846.93 million. Gates Industrial had a return on equity of 13.03% and a net margin of 23.82%. Gates Industrial’s revenue for the quarter was down 7.5% on a year-over-year basis. On average, sell-side analysts anticipate that Gates Industrial Corp PLC will post 0.91 earnings per share for the current fiscal year.

Several analysts have recently issued reports on the stock. Royal Bank of Canada set a $12.00 price target on shares of Gates Industrial and gave the company a “buy” rating in a research report on Wednesday, August 7th. Morgan Stanley set a $9.00 target price on shares of Gates Industrial and gave the stock a “hold” rating in a report on Monday, August 12th. KeyCorp decreased their target price on shares of Gates Industrial from $19.00 to $15.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. TheStreet lowered shares of Gates Industrial from a “c-” rating to a “d+” rating in a report on Monday, June 3rd. Finally, Goldman Sachs Group raised shares of Gates Industrial from a “neutral” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Tuesday, June 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Gates Industrial currently has a consensus rating of “Hold” and a consensus target price of $14.43.

Large investors have recently modified their holdings of the company. Advisory Services Network LLC boosted its stake in shares of Gates Industrial by 21.3% in the 1st quarter. Advisory Services Network LLC now owns 18,571 shares of the company’s stock valued at $266,000 after purchasing an additional 3,262 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Gates Industrial by 61.3% in the 1st quarter. Bank of Montreal Can now owns 22,022 shares of the company’s stock valued at $315,000 after purchasing an additional 8,372 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Gates Industrial by 3.1% in the 1st quarter. Marshall Wace LLP now owns 106,266 shares of the company’s stock valued at $1,524,000 after purchasing an additional 3,150 shares in the last quarter. Stevens Capital Management LP purchased a new stake in shares of Gates Industrial in the 1st quarter valued at $615,000. Finally, Federated Investors Inc. PA boosted its position in Gates Industrial by 31.3% during the 1st quarter. Federated Investors Inc. PA now owns 760,000 shares of the company’s stock valued at $10,898,000 after buying an additional 181,300 shares during the period.

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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