53,893 Shares in Gates Industrial Corporation PLC (NYSE:GTES) Acquired by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. purchased a new stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 53,893 shares of the company's stock, valued at approximately $992,000.

Other large investors have also bought and sold shares of the company. Wedge Capital Management L L P NC raised its holdings in shares of Gates Industrial by 403.2% in the first quarter. Wedge Capital Management L L P NC now owns 649,690 shares of the company's stock valued at $11,961,000 after purchasing an additional 520,586 shares during the last quarter. Sendero Wealth Management LLC increased its stake in Gates Industrial by 17.2% in the 1st quarter. Sendero Wealth Management LLC now owns 43,082 shares of the company's stock valued at $793,000 after buying an additional 6,328 shares during the last quarter. GAMMA Investing LLC increased its stake in Gates Industrial by 3,232.9% in the 1st quarter. GAMMA Investing LLC now owns 167,513 shares of the company's stock valued at $3,084,000 after buying an additional 162,487 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Gates Industrial by 295.1% during the 1st quarter. Versant Capital Management Inc now owns 9,853 shares of the company's stock worth $181,000 after buying an additional 7,359 shares in the last quarter. Finally, Kera Capital Partners Inc. boosted its stake in shares of Gates Industrial by 37.8% in the 1st quarter. Kera Capital Partners Inc. now owns 13,757 shares of the company's stock worth $253,000 after buying an additional 3,771 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GTES. Morgan Stanley decreased their price target on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Citigroup lowered their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a report on Monday, April 14th. KeyCorp increased their price target 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, The Goldman Sachs Group upped their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $23.22.

Gates Industrial Price Performance

NYSE:GTES traded down $0.36 during mid-day trading on Tuesday, hitting $21.74. 1,441,821 shares of the stock traded hands, compared to its average volume of 2,839,099. The business's 50-day moving average price is $20.10 and its 200 day moving average price is $20.39. 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 company has a market cap of $5.60 billion, a PE ratio of 26.51 and a beta of 1.21. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results 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 net margin of 6.39% and a return on equity of 10.15%. The business's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm earned $0.31 EPS. On average, analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal 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.