Public Sector Pension Investment Board Buys 156,023 Shares of Gates Industrial Corporation PLC (NYSE:GTES)

Key Points

• The Public Sector Pension Investment Board increased its stake in Gates Industrial Corporation PLC by 27.6%, acquiring an additional 156,023 shares, bringing its total to approximately 720,840 shares valued at $13.27 million.
• Institutional investors now hold 98.50% of Gates Industrial's stock, indicating strong interest from that sector, with several hedge funds significantly boosting their positions during recent quarters.
• Analyst ratings for Gates Industrial are generally positive, with a consensus rating of "Moderate Buy" and a current target price of around $26.67, reflecting confidence in the company's performance.

Public Sector Pension Investment Board lifted its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 27.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 720,840 shares of the company's stock after purchasing an additional 156,023 shares during the quarter. Public Sector Pension Investment Board owned 0.28% of Gates Industrial worth $13,271,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in GTES. EP Wealth Advisors LLC lifted its stake in shares of Gates Industrial by 3.6% in the fourth quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock valued at $298,000 after buying an additional 504 shares in the last quarter. MetLife Investment Management LLC lifted its stake in shares of Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after buying an additional 567 shares in the last quarter. Personal CFO Solutions LLC lifted its stake in shares of Gates Industrial by 6.4% in the first quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company's stock valued at $206,000 after buying an additional 670 shares in the last quarter. Utah Retirement Systems lifted its stake in shares of Gates Industrial by 6.4% in the fourth quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock valued at $241,000 after buying an additional 700 shares in the last quarter. Finally, GeoWealth Management LLC lifted its stake in shares of 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. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Performance

NYSE:GTES traded down $0.41 during mid-day trading on Friday, reaching $24.11. The company's stock had a trading volume of 1,306,514 shares, compared to its average volume of 2,150,472. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $25.66. The firm's fifty day moving average price is $23.74 and its two-hundred day moving average price is $21.30. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66. The stock has a market cap of $6.21 billion, a P/E ratio of 30.91 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, topping 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 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 firm posted $0.36 EPS. The firm's quarterly revenue was down .2% compared to the same quarter last year. On average, equities analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on GTES. UBS Group increased their target price on shares of Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, July 31st. KeyCorp reiterated an "overweight" rating and issued a $30.00 target price (up previously from $26.00) on shares of Gates Industrial in a report on Thursday, July 31st. Citigroup increased their target price 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. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Finally, Morgan Stanley decreased their price objective 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. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price 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.