Gates Industrial Corporation PLC (NYSE:GTES) Shares Acquired by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. increased its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 15.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 120,960 shares of the company's stock after acquiring an additional 16,224 shares during the period. Assenagon Asset Management S.A.'s holdings in Gates Industrial were worth $2,227,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. SG Americas Securities LLC grew its position in Gates Industrial by 362.9% during the first quarter. SG Americas Securities LLC now owns 56,960 shares of the company's stock valued at $1,049,000 after acquiring an additional 44,654 shares during the period. Avanza Fonder AB acquired a new position in shares of Gates Industrial in the 1st quarter valued at about $145,000. GAMMA Investing LLC grew its holdings in shares of Gates Industrial by 81.0% during the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after purchasing an additional 4,073 shares during the period. Harbor Capital Advisors Inc. acquired a new stake in Gates Industrial during the 1st quarter worth approximately $992,000. Finally, Wedge Capital Management L L P NC raised its holdings in Gates Industrial by 403.2% in the first quarter. Wedge Capital Management L L P NC now owns 649,690 shares of the company's stock valued at $11,961,000 after buying an additional 520,586 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on GTES shares. The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Royal Bank Of Canada lifted their target price 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. KeyCorp raised their price objective on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Barclays boosted their price objective 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 upgraded Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 14th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Gates Industrial presently has an average rating of "Moderate Buy" and an average price target of $23.22.

Gates Industrial Stock Up 0.2%

Shares of NYSE GTES traded up $0.04 during midday trading on Friday, reaching $21.99. 956,390 shares of the company's stock were exchanged, compared to its average volume of 2,420,652. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-week high of $23.85. The business's fifty day moving average price is $20.28 and its two-hundred day moving average price is $20.40. The stock has a market capitalization of $5.67 billion, a PE ratio of 26.82 and a beta of 1.21.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. The company had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. Gates Industrial's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. Analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current 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.