GAMMA Investing LLC Increases Stake in Gates Industrial Corporation PLC (NYSE:GTES)

GAMMA Investing LLC raised its position in Gates Industrial Corporation PLC (NYSE:GTES) by 81.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,099 shares of the company’s stock after acquiring an additional 4,073 shares during the quarter. GAMMA Investing LLC’s holdings in Gates Industrial were worth $168,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Proficio Capital Partners LLC acquired a new stake in shares of Gates Industrial during the fourth quarter worth approximately $529,000. Cetera Investment Advisers lifted its stake in Gates Industrial by 29.4% in the fourth quarter. Cetera Investment Advisers now owns 43,861 shares of the company’s stock valued at $902,000 after buying an additional 9,971 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Gates Industrial by 69.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company’s stock valued at $353,000 after buying an additional 7,036 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after purchasing an additional 567 shares during the period. Finally, Assetmark Inc. increased its holdings in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Price Performance

Shares of GTES stock opened at $24.01 on Friday. The stock’s fifty day simple moving average is $21.57 and its 200 day simple moving average is $20.46. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35. The firm has a market cap of $6.19 billion, a price-to-earnings ratio of 29.28 and a beta of 1.22. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $24.09.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.31 earnings per share. On average, analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on GTES. KeyCorp lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. The Goldman Sachs Group lifted their price target on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Morgan Stanley reduced their price target on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. Royal Bank Of Canada raised their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Finally, Barclays raised their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.22.

Gates Industrial Company 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.