Jennison Associates LLC boosted its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 30.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,919,403 shares of the company's stock after buying an additional 1,618,598 shares during the period. Jennison Associates LLC owned 2.68% of Gates Industrial worth $127,386,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. GeoWealth Management LLC lifted its stake in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after purchasing an additional 789 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Gates Industrial during the 4th quarter valued at about $43,000. MetLife Investment Management LLC raised its holdings in shares of Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after buying an additional 567 shares during the period. Avanza Fonder AB purchased a new stake in shares of Gates Industrial during the 1st quarter valued at about $145,000. Finally, GAMMA Investing LLC raised its holdings 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 valued at $168,000 after buying an additional 4,073 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research firms have issued reports on GTES. The Goldman Sachs Group lifted their price objective on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Citigroup boosted their price target on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a report on Monday, July 14th. Barclays boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. KeyCorp boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, Morgan Stanley lowered their price target 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. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.44.
Get Our Latest Analysis on Gates Industrial
Gates Industrial Stock Down 0.6%
NYSE:GTES traded down $0.15 during trading hours on Friday, hitting $24.71. 2,020,639 shares of the company's stock traded hands, compared to its average volume of 2,583,303. The firm has a market cap of $6.37 billion, a P/E ratio of 30.13 and a beta of 1.22. Gates Industrial Corporation PLC has a twelve month low of $14.70 and a twelve 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 stock's fifty day moving average price is $22.55 and its two-hundred day moving average price is $20.72.
Gates Industrial (NYSE:GTES - Get Free Report) last issued 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. 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 the consensus estimate of $823.56 million. During the same quarter in the previous year, the company posted $0.31 earnings per share. The business's quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.
Gates Industrial Company Profile
(
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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