Cerity Partners LLC Purchases 15,260 Shares of Gates Industrial Corporation PLC (NYSE:GTES)

Cerity Partners LLC grew its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 9.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 176,961 shares of the company's stock after buying an additional 15,260 shares during the quarter. Cerity Partners LLC owned approximately 0.07% of Gates Industrial worth $3,258,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GTES. DekaBank Deutsche Girozentrale boosted its stake in shares of Gates Industrial by 4.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 356,629 shares of the company's stock valued at $6,472,000 after purchasing an additional 15,813 shares in the last quarter. Personal CFO Solutions LLC lifted its stake in shares of Gates Industrial by 6.4% in the first quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company's stock worth $206,000 after acquiring an additional 670 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Gates Industrial by 91.7% in the first quarter. Crossmark Global Holdings Inc. now owns 96,179 shares of the company's stock worth $1,771,000 after acquiring an additional 46,000 shares during the period. OneDigital Investment Advisors LLC lifted its stake in shares of Gates Industrial by 12.2% in the first quarter. OneDigital Investment Advisors LLC now owns 19,599 shares of the company's stock worth $361,000 after acquiring an additional 2,135 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Gates Industrial by 2.7% in the first quarter. Principal Financial Group Inc. now owns 1,128,867 shares of the company's stock worth $20,782,000 after acquiring an additional 29,763 shares during the period. Institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Performance

NYSE:GTES traded down $0.15 during trading on Friday, reaching $24.71. The company's 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 12 month low of $14.70 and a 12 month high of $25.00. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33. The firm has a 50 day moving average of $22.55 and a 200-day moving average of $20.72. The firm has a market cap of $6.37 billion, a price-to-earnings ratio of 30.13 and a beta of 1.22.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same period in the prior year, the company earned $0.31 EPS. The company's revenue was down 1.7% on a year-over-year basis. Research analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GTES has been the topic of a number of recent analyst reports. Citigroup lifted their price objective on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Morgan Stanley lowered their target price on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Barclays lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. KeyCorp lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, Wall Street Zen upgraded Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.