PNC Financial Services Group Inc. Boosts Stock Holdings in Gates Industrial Corporation PLC (NYSE:GTES)

PNC Financial Services Group Inc. raised its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 89.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 32,629 shares of the company's stock after purchasing an additional 15,444 shares during the period. PNC Financial Services Group Inc.'s holdings in Gates Industrial were worth $601,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Fiduciary Management Inc. WI boosted its holdings in shares of Gates Industrial by 0.3% in the 4th quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock valued at $148,615,000 after buying an additional 21,191 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of Gates Industrial by 30.5% in the 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock valued at $127,386,000 after buying an additional 1,618,598 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Gates Industrial by 1.3% in the 4th quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock valued at $135,145,000 after buying an additional 85,253 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Gates Industrial by 540.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock valued at $74,247,000 after buying an additional 3,046,064 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Gates Industrial by 20.6% in the 4th quarter. Ameriprise Financial Inc. now owns 2,742,461 shares of the company's stock valued at $56,412,000 after buying an additional 467,810 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Performance

Shares of NYSE GTES opened at $24.44 on Wednesday. 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 Corporation PLC has a 12 month low of $14.70 and a 12 month high of $25.66. The company has a 50 day simple moving average of $23.55 and a two-hundred day simple moving average of $21.20. The stock has a market cap of $6.30 billion, a price-to-earnings ratio of 31.34 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The business had revenue of $883.70 million during the quarter, compared to analysts' expectations of $873.34 million. During the same period in the previous year, the business posted $0.36 EPS. The business's quarterly revenue was down .2% compared to the same quarter last year. As a group, analysts predict that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of recent analyst reports. Morgan Stanley lowered their price target on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Citigroup lifted their target price on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. The Goldman Sachs Group lifted their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. KeyCorp reiterated an "overweight" rating and issued a $30.00 target price (up from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Finally, Royal Bank Of Canada lifted their target price on shares of Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a research note 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 MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.67.

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.

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