New York State Common Retirement Fund Has $18.77 Million Stock Position in Gates Industrial Corporation PLC (NYSE:GTES)

New York State Common Retirement Fund decreased its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 1.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,019,380 shares of the company's stock after selling 17,500 shares during the quarter. New York State Common Retirement Fund owned about 0.40% of Gates Industrial worth $18,767,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of GTES. GeoWealth Management LLC lifted its stake in Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after buying an additional 789 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial in the fourth quarter valued at approximately $43,000. MetLife Investment Management LLC increased its holdings in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after buying an additional 567 shares during the last quarter. Avanza Fonder AB acquired a new position in Gates Industrial during the first quarter worth $145,000. Finally, GAMMA Investing LLC increased its holdings in Gates Industrial by 81.0% during the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after buying an additional 4,073 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Down 0.6%

GTES traded down $0.15 during trading hours on Friday, reaching $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 50-day moving average price of $22.55 and a 200 day moving average price of $20.72. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-week high of $25.00. 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 firm has a market capitalization of $6.37 billion, a PE ratio of 30.13 and a beta of 1.22.

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 analysts' consensus estimates of $0.33 by $0.03. The company had revenue of $847.60 million during the quarter, compared to analysts' expectations of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The firm's revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business posted $0.31 earnings per share. As a group, sell-side analysts predict that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GTES. Barclays boosted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada increased their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Morgan Stanley dropped their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 12th. Finally, Citigroup boosted their price objective on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Three research 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, Gates Industrial presently has an average rating of "Moderate Buy" and a consensus target price of $24.44.

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.