Heartland Advisors Inc. Grows Stock Position in Gates Industrial Corporation PLC (NYSE:GTES)

Key Points

• Heartland Advisors Inc. has raised its stake in Gates Industrial Corporation PLC by 27.6%, acquiring an additional 169,899 shares, bringing their total ownership to approximately 0.30% of the company worth about $14.45 million.
• Analysts have recently revised their price targets for Gates Industrial, with KeyCorp raising it from $23.00 to $26.00 and Citigroup increasing it from $22.00 to $29.00, indicating bullish sentiment towards the stock.
• Gates Industrial reported a earnings per share (EPS) of $0.36 for the last quarter, exceeding expectations and showing a small revenue decline of 1.7% year-over-year, with quarterly revenue at $847.60 million.

Heartland Advisors Inc. lifted its position in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 27.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 785,091 shares of the company's stock after acquiring an additional 169,899 shares during the period. Heartland Advisors Inc. owned 0.30% of Gates Industrial worth $14,454,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC boosted its position in shares of Gates Industrial by 3.2% in the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company's stock worth $331,000 after purchasing an additional 452 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in Gates Industrial by 3.6% in the 4th quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock worth $298,000 after acquiring an additional 504 shares during the last quarter. MetLife Investment Management LLC lifted 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 valued at $86,000 after acquiring an additional 567 shares in the last quarter. Personal CFO Solutions LLC boosted its stake in Gates Industrial by 6.4% during the 1st quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company's stock valued at $206,000 after purchasing an additional 670 shares during the last quarter. Finally, Utah Retirement Systems increased its holdings in shares of Gates Industrial by 6.4% in the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock worth $241,000 after purchasing an additional 700 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Shares of NYSE:GTES traded down $0.44 on Tuesday, hitting $24.82. 1,394,691 shares of the company were exchanged, compared to its average volume of 2,302,750. The firm has a market capitalization of $6.40 billion, a P/E ratio of 30.25 and a beta of 1.22. The company has a current ratio of 3.33, a quick ratio of 2.35 and a debt-to-equity ratio of 0.70. Gates Industrial Corporation PLC has a 1-year low of $14.70 and a 1-year high of $25.45. The stock's 50 day moving average price is $22.88 and its 200 day moving average price is $20.91.

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. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The business had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. During the same period in the prior year, the firm earned $0.31 EPS. The business's revenue for the quarter was down 1.7% on a year-over-year basis. Sell-side analysts predict that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GTES. Citigroup boosted their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a report on Monday, July 14th. Royal Bank Of Canada increased their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Barclays lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Morgan Stanley cut their price target on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Finally, KeyCorp increased their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Three 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. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $24.44.

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.