CenterBook Partners LP Buys New Stake in Gates Industrial Corporation PLC (NYSE:GTES)

CenterBook Partners LP bought a new stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 90,427 shares of the company's stock, valued at approximately $1,665,000.

Several other institutional investors also recently bought and sold shares of the stock. PNC Financial Services Group Inc. grew its stake in Gates Industrial by 89.9% during the first quarter. PNC Financial Services Group Inc. now owns 32,629 shares of the company's stock valued at $601,000 after acquiring an additional 15,444 shares in the last quarter. XTX Topco Ltd lifted its position in Gates Industrial by 42.4% during the first quarter. XTX Topco Ltd now owns 36,158 shares of the company's stock valued at $666,000 after purchasing an additional 10,762 shares during the last quarter. Mackenzie Financial Corp lifted its position in Gates Industrial by 0.4% during the first quarter. Mackenzie Financial Corp now owns 602,743 shares of the company's stock valued at $11,096,000 after purchasing an additional 2,609 shares during the last quarter. LPL Financial LLC lifted its position in Gates Industrial by 15.7% during the first quarter. LPL Financial LLC now owns 179,272 shares of the company's stock valued at $3,300,000 after purchasing an additional 24,356 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Gates Industrial by 20.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,371 shares of the company's stock valued at $1,204,000 after purchasing an additional 10,933 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Trading Down 0.4%

Shares of GTES stock traded down $0.11 during trading hours on Wednesday, reaching $24.32. 153,042 shares of the stock were exchanged, compared to its average volume of 2,327,993. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $24.95. The company has a current ratio of 3.33, a quick ratio of 2.35 and a debt-to-equity ratio of 0.70. The company's 50-day moving average price is $22.30 and its 200-day moving average price is $20.63. The firm has a market capitalization of $6.27 billion, a price-to-earnings ratio of 29.66 and a beta of 1.22.

Gates Industrial (NYSE:GTES - Get Free Report) last released 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. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The firm had revenue of $847.60 million during the quarter, compared to analysts' expectations of $823.56 million. During the same period in the previous year, the company earned $0.31 EPS. The firm's revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities analysts anticipate that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on GTES. Citigroup increased their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Monday. Barclays increased their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Morgan Stanley lowered their price objective on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. The Goldman Sachs Group increased their price objective 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. Finally, Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $24.44.

Gates Industrial 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.

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