Choreo LLC Grows Stake in Gates Industrial Corp PLC (NYSE:GTES)

Choreo LLC increased its stake in Gates Industrial Corp PLC (NYSE:GTES) by 18.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 14,329 shares of the company’s stock after purchasing an additional 2,281 shares during the quarter. Choreo LLC’s holdings in Gates Industrial were worth $292,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. State Street Corp raised its holdings in Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after acquiring an additional 3,459,450 shares during the period. Zimmer Partners LP grew its position in shares of Gates Industrial by 141.2% during the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock valued at $73,946,000 after purchasing an additional 2,466,543 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Gates Industrial by 138.0% during the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock valued at $68,159,000 after purchasing an additional 2,220,277 shares in the last quarter. Jennison Associates LLC grew its position in shares of Gates Industrial by 31.5% during the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock valued at $109,038,000 after purchasing an additional 1,268,716 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock valued at $18,670,000 after purchasing an additional 1,048,596 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

GTES has been the subject of a number of research analyst reports. KeyCorp raised their price objective on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Jefferies Financial Group lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Citigroup dropped their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. Finally, The Goldman Sachs Group lifted their price target on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.00.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $22.18 on Friday. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The stock’s fifty day moving average is $21.00 and its two-hundred day moving average is $19.42. Gates Industrial Corp PLC has a 52 week low of $12.85 and a 52 week high of $23.34. The company has a market capitalization of $5.65 billion, a PE ratio of 30.39 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%. As a group, analysts expect that Gates Industrial Corp PLC will post 1.4 earnings per share for the current year.

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.