New Age Alpha Advisors LLC decreased its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 37.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 178,958 shares of the company's stock after selling 105,148 shares during the quarter. New Age Alpha Advisors LLC owned approximately 0.07% of Gates Industrial worth $3,295,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of GTES. LPL Financial LLC increased its position in Gates Industrial by 12.7% in the fourth quarter. LPL Financial LLC now owns 154,916 shares of the company's stock worth $3,187,000 after buying an additional 17,419 shares in the last quarter. Pictet Asset Management Holding SA increased its position in Gates Industrial by 28.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 33,536 shares of the company's stock worth $690,000 after buying an additional 7,414 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Gates Industrial in the fourth quarter worth about $2,942,000. Geode Capital Management LLC increased its position in Gates Industrial by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 3,657,458 shares of the company's stock worth $75,259,000 after buying an additional 196,603 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Gates Industrial by 7.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 1,137,082 shares of the company's stock worth $23,390,000 after buying an additional 83,011 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have commented on GTES. The Goldman Sachs Group upped their price target on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Morgan Stanley cut their target price 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. Barclays increased their target price on Gates Industrial from $26.00 to $28.00 and gave the stock an "overweight" rating in a research report on Monday. Citigroup increased their target price on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, Royal Bank Of Canada increased their target price on Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.67.
Check Out Our Latest Research Report on Gates Industrial
Gates Industrial Price Performance
Shares of Gates Industrial stock opened at $24.25 on Wednesday. The stock has a 50 day moving average of $23.29 and a 200 day moving average of $21.09. Gates Industrial Corporation PLC has a 12 month low of $14.70 and a 12 month high of $25.66. The firm has a market cap of $6.25 billion, a PE ratio of 31.09 and a beta of 1.24. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66.
Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%. The company had revenue of $883.70 million during the quarter, compared to analyst estimates of $873.34 million. During the same period in the prior year, the company earned $0.36 earnings per share. The firm's revenue was down .2% on a year-over-year basis. On average, research analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.
Gates Industrial Company Profile
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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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