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53,550 Shares in Gates Industrial Corporation PLC (NYSE:GTES) Purchased by Highland Capital Management LLC

Gates Industrial logo with Industrials background

Highland Capital Management LLC bought a new position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 53,550 shares of the company's stock, valued at approximately $986,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GTES. Illinois Municipal Retirement Fund lifted its position in Gates Industrial by 6.7% in the 1st quarter. Illinois Municipal Retirement Fund now owns 127,886 shares of the company's stock valued at $2,354,000 after acquiring an additional 8,006 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Gates Industrial by 1.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company's stock valued at $1,443,000 after purchasing an additional 1,015 shares during the period. QRG Capital Management Inc. lifted its holdings in shares of Gates Industrial by 4.5% in the first quarter. QRG Capital Management Inc. now owns 38,085 shares of the company's stock valued at $701,000 after purchasing an additional 1,626 shares in the last quarter. Brown Miller Wealth Management LLC acquired a new position in shares of Gates Industrial during the first quarter worth about $207,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Gates Industrial by 4.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock worth $767,000 after buying an additional 1,845 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GTES. Royal Bank Of Canada upped their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Citigroup cut their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. The Goldman Sachs Group raised their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Wall Street Zen lowered shares of Gates Industrial from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Finally, Barclays increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, Gates Industrial presently has a consensus rating of "Moderate Buy" and an average target price of $23.22.

Get Our Latest Research Report on GTES

Gates Industrial Stock Performance

Shares of GTES traded up $0.11 during midday trading on Thursday, reaching $24.01. The stock had a trading volume of 1,215,950 shares, compared to its average volume of 2,785,334. The firm has a market cap of $6.19 billion, a PE ratio of 29.28 and a beta of 1.22. The firm has a 50 day simple moving average of $21.33 and a 200-day simple moving average of $20.43. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $24.09. The company has a current ratio of 3.33, a quick ratio of 2.35 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million during the quarter, compared to analysts' expectations of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. Gates Industrial's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company posted $0.31 earnings per share. As a group, sell-side analysts anticipate that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Gates Industrial Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Gates Industrial (NYSE:GTES)

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