GAMMA Investing LLC Increases Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

GAMMA Investing LLC lifted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 3,232.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 167,513 shares of the company's stock after acquiring an additional 162,487 shares during the quarter. GAMMA Investing LLC owned approximately 0.07% of Gates Industrial worth $3,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. FMR LLC increased its holdings in Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Gates Industrial by 1,185.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock worth $69,187,000 after purchasing an additional 3,101,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Gates Industrial by 540.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock worth $74,247,000 after purchasing an additional 3,046,064 shares in the last quarter. Norges Bank bought a new stake in Gates Industrial in the fourth quarter worth approximately $56,520,000. Finally, Raymond James Financial Inc. bought a new stake in Gates Industrial in the fourth quarter worth approximately $42,080,000. 98.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GTES has been the subject of a number of research analyst reports. Citigroup lowered their target price on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a report on Monday, April 14th. Evercore ISI lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. 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 $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Finally, Royal Bank of Canada lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $23.22.

Gates Industrial Stock Down 2.2%

Shares of NYSE GTES traded down $0.49 during midday trading on Friday, hitting $21.68. 1,510,679 shares of the stock traded hands, compared to its average volume of 2,846,828. The company has a market cap of $5.59 billion, a PE ratio of 29.70 and a beta of 1.21. Gates Industrial Corp PLC has a one year low of $14.70 and a one year high of $23.85. The business has a 50 day moving average price of $19.89 and a two-hundred day moving average price of $20.40. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

Gates Industrial (NYSE:GTES - Get Free Report) last released 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. The firm had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The company's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.31 earnings per share. On average, equities analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

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.