Gates Industrial Corp PLC (NYSE:GTES) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC grew its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 3,232.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,513 shares of the company’s stock after purchasing an additional 162,487 shares during the period. GAMMA Investing LLC’s holdings in Gates Industrial were worth $3,084,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. HighPoint Advisor Group LLC lifted its stake in Gates Industrial by 3.2% during the fourth quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock valued at $331,000 after purchasing an additional 452 shares during the last quarter. EP Wealth Advisors LLC increased its holdings in shares of Gates Industrial by 3.6% in the fourth quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company’s stock valued at $298,000 after buying an additional 504 shares in the last quarter. MetLife Investment Management LLC lifted its position in shares of Gates Industrial by 15.8% during the 4th 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. United Services Automobile Association boosted its stake in shares of Gates Industrial by 4.8% during the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock worth $289,000 after acquiring an additional 646 shares in the last quarter. Finally, Utah Retirement Systems grew its holdings in shares of Gates Industrial by 6.4% in the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company’s stock worth $241,000 after acquiring an additional 700 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Price Performance

Shares of GTES opened at $22.15 on Thursday. The business’s 50-day moving average is $19.65 and its 200-day moving average is $20.40. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 30.34 and a beta of 1.21. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85.

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 the consensus estimate of $0.33 by $0.03. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same quarter in the prior year, the business earned $0.31 EPS. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. Equities research analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on GTES. Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Friday, June 6th. Barclays boosted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. Morgan Stanley decreased their target price on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. Evercore ISI boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday, February 19th. Finally, Citigroup reduced their price target on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.22.

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.