Harbor Capital Advisors Inc. Acquires Shares of 53,893 Gates Industrial Corp PLC (NYSE:GTES)

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

Other institutional investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC acquired a new position in shares of Gates Industrial in the fourth quarter valued at approximately $529,000. Cetera Investment Advisers grew its holdings in shares of Gates Industrial by 29.4% in the fourth quarter. Cetera Investment Advisers now owns 43,861 shares of the company's stock valued at $902,000 after purchasing an additional 9,971 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Gates Industrial by 69.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company's stock valued at $353,000 after purchasing an additional 7,036 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Gates Industrial by 101.0% during the 4th quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company's stock worth $55,935,000 after acquiring an additional 1,366,431 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after acquiring an additional 567 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on GTES. Barclays boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Royal Bank of Canada boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday. Morgan Stanley lowered their price target on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Finally, Evercore ISI boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. Three research 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 company. Based on data from MarketBeat.com, Gates Industrial presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.22.

Gates Industrial Stock Up 2.1%

Shares of NYSE:GTES traded up $0.47 during trading on Monday, hitting $22.16. 295,946 shares of the company were exchanged, compared to its average volume of 2,440,495. The firm's 50 day moving average price is $19.89 and its 200-day moving average price is $20.38. Gates Industrial Corp PLC has a 12-month low of $14.70 and a 12-month high of $23.85. The stock has a market capitalization of $5.71 billion, a P/E ratio of 30.35 and a beta of 1.21. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

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

About Gates Industrial

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.