CenterBook Partners LP Takes Position in Gates Industrial Corporation PLC (NYSE:GTES)

CenterBook Partners LP bought a new position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 90,427 shares of the company's stock, valued at approximately $1,665,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its position in Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after purchasing an additional 6,383,165 shares during the last quarter. Invesco Ltd. lifted its position in 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 during the last quarter. Fiduciary Management Inc. WI lifted its position 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 valued at $148,615,000 after purchasing an additional 21,191 shares during the last quarter. Jennison Associates LLC lifted its position in Gates Industrial by 30.5% during the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock valued at $127,386,000 after purchasing an additional 1,618,598 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position 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 valued at $135,145,000 after purchasing an additional 85,253 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Down 0.6%

Gates Industrial stock traded down $0.15 during trading on Friday, reaching $24.71. The stock had a trading volume of 2,020,639 shares, compared to its average volume of 2,583,303. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-week high of $25.00. The business has a 50 day moving average price of $22.55 and a 200 day moving average price of $20.72. The company has a quick ratio of 2.35, a current ratio of 3.33 and a debt-to-equity ratio of 0.70. The stock has a market cap of $6.37 billion, a PE ratio of 30.13 and a beta of 1.22.

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

Wall Street Analyst Weigh In

GTES has been the subject of several analyst reports. Barclays raised their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. KeyCorp raised their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Morgan Stanley decreased 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 report on Thursday, May 1st. Royal Bank Of Canada lifted their price objective 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. Finally, Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus 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.