DekaBank Deutsche Girozentrale increased its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 4.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 356,629 shares of the company's stock after buying an additional 15,813 shares during the quarter. DekaBank Deutsche Girozentrale owned 0.14% of Gates Industrial worth $6,472,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its position in Gates Industrial by 4.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock valued at $767,000 after acquiring an additional 1,845 shares during the last quarter. GAMMA Investing LLC grew its stake 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. QRG Capital Management Inc. lifted its position in shares of Gates Industrial by 4.5% during the 1st quarter. QRG Capital Management Inc. now owns 38,085 shares of the company's stock valued at $701,000 after buying an additional 1,626 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Gates Industrial by 1.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company's stock valued at $1,443,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Gates Industrial by 15.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company's stock valued at $2,227,000 after purchasing an additional 16,224 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.
Analysts Set New Price Targets
Several brokerages have recently issued reports on GTES. Morgan Stanley decreased their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Citigroup boosted their price objective on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday. Royal Bank Of Canada boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Barclays upped their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Finally, Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday. Three equities research 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.44.
Read Our Latest Stock Report on GTES
Gates Industrial Price Performance
Shares of Gates Industrial stock traded down $0.19 during trading on Tuesday, hitting $24.42. The stock had a trading volume of 1,316,371 shares, compared to its average volume of 2,773,089. The business has a fifty day moving average of $22.13 and a two-hundred day moving average of $20.58. The firm has a market cap of $6.29 billion, a P/E ratio of 29.78 and a beta of 1.22. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $24.94.
Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. Gates Industrial's quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.31 earnings per share. On average, sell-side analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.
About Gates Industrial
(
Free Report)
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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