Rhumbline Advisers Has $9.21 Million Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Rhumbline Advisers decreased its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 500,141 shares of the company's stock after selling 12,355 shares during the quarter. Rhumbline Advisers owned 0.20% of Gates Industrial worth $9,208,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. FMR LLC lifted its position in Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after purchasing an additional 6,383,165 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Gates Industrial by 4.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock valued at $317,461,000 after acquiring an additional 616,687 shares in the last quarter. Invesco Ltd. lifted its position in shares of Gates Industrial by 2.3% in the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock worth $152,354,000 after purchasing an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI boosted its holdings in shares of Gates Industrial by 0.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock worth $148,615,000 after purchasing an additional 21,191 shares during the period. Finally, Janus Henderson Group PLC grew its position in Gates Industrial by 1.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock valued at $135,145,000 after purchasing an additional 85,253 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on GTES shares. Royal Bank of Canada increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Citigroup dropped their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Morgan Stanley lowered their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Evercore ISI upped their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research report on Wednesday, February 19th. Finally, Barclays upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.22.

Gates Industrial Stock Performance

GTES stock traded down $0.13 during trading on Thursday, reaching $22.03. 336,481 shares of the stock were exchanged, compared to its average volume of 2,838,865. The stock has a 50 day simple moving average of $19.65 and a 200-day simple moving average of $20.40. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $5.68 billion, a P/E ratio of 30.18 and a beta of 1.21. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. During the same quarter last year, the company earned $0.31 EPS. Gates Industrial's revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

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.