Envestnet Asset Management Inc. Trims Position in Gates Industrial Corporation PLC (NYSE:GTES)

Envestnet Asset Management Inc. reduced its position in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 2.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,110,929 shares of the company's stock after selling 26,153 shares during the period. Envestnet Asset Management Inc. owned 0.43% of Gates Industrial worth $20,452,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Gates Industrial by 4.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock valued at $767,000 after purchasing an additional 1,845 shares during the last quarter. GAMMA Investing LLC raised its stake in Gates Industrial by 81.0% during the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock valued at $168,000 after acquiring an additional 4,073 shares during the last quarter. QRG Capital Management Inc. raised its stake in 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 acquiring an additional 1,626 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in Gates Industrial by 1.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company's stock valued at $1,443,000 after acquiring an additional 1,015 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Gates Industrial by 15.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company's stock valued at $2,227,000 after acquiring an additional 16,224 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on GTES shares. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 12th. Royal Bank Of Canada increased their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Morgan Stanley cut their target price 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. KeyCorp increased their target price on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Finally, Citigroup increased their target price on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.44.

Gates Industrial Price Performance

Shares of GTES traded up $0.42 on Thursday, reaching $24.86. The stock had a trading volume of 2,170,031 shares, compared to its average volume of 2,736,620. The firm has a market capitalization of $6.41 billion, a PE ratio of 30.31 and a beta of 1.22. 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 firm has a 50-day moving average of $22.47 and a 200 day moving average of $20.69. Gates Industrial Corporation PLC has a twelve month low of $14.70 and a twelve month high of $24.95.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for 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%. Gates Industrial's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.31 EPS. Sell-side analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

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.