Gates Industrial Corp PLC (NYSE:GTES) Stock Holdings Increased by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its stake in Gates Industrial Corp PLC (NYSE:GTES) by 3.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,099,104 shares of the company’s stock after purchasing an additional 35,266 shares during the quarter. Principal Financial Group Inc. owned 0.43% of Gates Industrial worth $22,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Mutual of America Capital Management LLC bought a new position in Gates Industrial during the third quarter valued at approximately $597,000. Jennison Associates LLC raised its position in Gates Industrial by 45.9% during the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after acquiring an additional 1,268,407 shares in the last quarter. Foundry Partners LLC bought a new position in Gates Industrial during the third quarter valued at approximately $4,247,000. Verition Fund Management LLC raised its position in Gates Industrial by 322.7% during the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock valued at $6,660,000 after acquiring an additional 289,722 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Gates Industrial by 20.1% during the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company’s stock valued at $19,154,000 after acquiring an additional 182,307 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GTES. Royal Bank of Canada raised their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Barclays raised their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Evercore ISI lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. Finally, KeyCorp raised their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Gates Industrial Stock Performance

Gates Industrial stock opened at $22.29 on Monday. The stock has a 50-day simple moving average of $21.09 and a 200 day simple moving average of $19.69. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 12-month low of $14.14 and a 12-month high of $23.85. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 30.53 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, research analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

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.