Bank of New York Mellon Corp Sells 215,292 Shares of Gates Industrial Corporation PLC (NYSE:GTES)

Bank of New York Mellon Corp lowered its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 7.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,503,947 shares of the company's stock after selling 215,292 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.97% of Gates Industrial worth $46,098,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of GTES. FMR LLC grew its holdings in Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after purchasing an additional 6,383,165 shares during the period. Invesco Ltd. grew its holdings in Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock worth $152,354,000 after purchasing an additional 168,328 shares during the period. Fiduciary Management Inc. WI grew its holdings in Gates Industrial by 0.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock worth $148,615,000 after purchasing an additional 21,191 shares during the period. Janus Henderson Group PLC grew its holdings in Gates Industrial by 1.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock worth $135,145,000 after purchasing an additional 85,253 shares during the period. Finally, Franklin Resources Inc. grew its holdings in Gates Industrial by 25.7% during the fourth quarter. Franklin Resources Inc. now owns 4,812,887 shares of the company's stock worth $99,001,000 after purchasing an additional 983,732 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Stock Performance

Shares of NYSE:GTES traded up $0.42 during trading on Thursday, reaching $24.86. 2,170,031 shares of the stock were exchanged, compared to its average volume of 2,736,620. Gates Industrial Corporation PLC has a 12 month low of $14.70 and a 12 month high of $24.95. The firm has a market cap of $6.41 billion, a PE ratio of 30.31 and a beta of 1.22. The stock has a 50-day moving average price of $22.47 and a 200-day moving average price of $20.69. 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 issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The firm'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 company posted $0.31 earnings per share. Research analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GTES. Wall Street Zen upgraded Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. Citigroup lifted their price target on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a report on Monday. KeyCorp boosted their price objective 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 boosted their price objective on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Finally, Royal Bank Of Canada boosted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Gates Industrial has an average rating of "Moderate Buy" and a consensus target price of $24.44.

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.