Gates Industrial Corp PLC (NYSE:GTES) Shares Purchased by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC raised its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 403.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 649,690 shares of the company's stock after buying an additional 520,586 shares during the period. Wedge Capital Management L L P NC owned about 0.25% of Gates Industrial worth $11,961,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in GTES. GeoWealth Management LLC boosted its stake in Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after buying an additional 789 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after purchasing an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Gates Industrial during the 4th quarter valued at $43,000. SRS Capital Advisors Inc. raised its position in Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock worth $54,000 after purchasing an additional 724 shares during the period. Finally, MetLife Investment Management LLC raised its position in Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after purchasing an additional 567 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GTES. Wall Street Zen cut Gates Industrial from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 6th. Morgan Stanley dropped 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 price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Citigroup dropped their price objective on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, The Goldman Sachs Group lifted their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Gates Industrial currently has a consensus rating of "Moderate Buy" and an average target price of $23.22.

Gates Industrial Trading Up 0.0%

GTES stock traded up $0.01 during trading on Thursday, reaching $22.17. The company had a trading volume of 1,272,604 shares, compared to its average volume of 2,842,478. The business has a 50 day moving average of $19.65 and a 200 day moving average of $20.40. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The company has a market cap of $5.71 billion, a P/E ratio of 30.37 and a beta of 1.21. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The company had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. During the same quarter last year, the company earned $0.31 EPS. The firm's revenue for the quarter was down 1.7% on a year-over-year basis. As a group, sell-side analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal 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.