Wealth Enhancement Advisory Services LLC Purchases 1,845 Shares of Gates Industrial Corporation PLC (NYSE:GTES)

Wealth Enhancement Advisory Services LLC lifted its position in Gates Industrial Corporation PLC (NYSE:GTES) by 4.6% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 41,660 shares of the company’s stock after acquiring an additional 1,845 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Gates Industrial were worth $767,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. FMR LLC lifted its position in Gates Industrial by 48.9% in the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after acquiring an additional 6,383,165 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company’s stock valued at $152,354,000 after purchasing an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI boosted its position in shares of Gates Industrial by 0.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company’s stock valued at $148,615,000 after buying an additional 21,191 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Gates Industrial by 1.3% in the 4th quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company’s stock worth $135,145,000 after buying an additional 85,253 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Gates Industrial by 25.7% in the 4th quarter. Franklin Resources Inc. now owns 4,812,887 shares of the company’s stock worth $99,001,000 after buying an additional 983,732 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on GTES shares. Royal Bank Of Canada raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Morgan Stanley dropped their target price on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Barclays raised their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th. Finally, Wall Street Zen cut Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 27th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $23.22.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $24.01 on Friday. The stock has a market cap of $6.19 billion, a P/E ratio of 29.28 and a beta of 1.22. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33. The stock’s fifty day moving average is $21.45 and its 200 day moving average is $20.44. 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 the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The firm had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. During the same quarter last year, the company earned $0.31 earnings per share. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. Sell-side analysts anticipate that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

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.