Simon Quick Advisors LLC Invests $228,000 in Gates Industrial Corporation PLC (NYSE:GTES)

Simon Quick Advisors LLC purchased a new stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 12,410 shares of the company's stock, valued at approximately $228,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GTES. Principal Securities Inc. increased its stake in Gates Industrial by 30.4% in the fourth quarter. Principal Securities Inc. now owns 11,426 shares of the company's stock worth $235,000 after purchasing an additional 2,665 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Gates Industrial by 3.3% in the fourth quarter. Principal Financial Group Inc. now owns 1,099,104 shares of the company's stock worth $22,609,000 after purchasing an additional 35,266 shares during the last quarter. Truist Financial Corp grew its holdings in shares of Gates Industrial by 6.6% in the fourth quarter. Truist Financial Corp now owns 282,809 shares of the company's stock worth $5,817,000 after purchasing an additional 17,632 shares during the last quarter. Venturi Wealth Management LLC increased its stake in Gates Industrial by 180.6% in the 4th quarter. Venturi Wealth Management LLC now owns 8,640 shares of the company's stock worth $178,000 after buying an additional 5,561 shares during the period. Finally, New York State Common Retirement Fund lifted its holdings in Gates Industrial by 9.3% during the 4th quarter. New York State Common Retirement Fund now owns 1,036,880 shares of the company's stock valued at $21,329,000 after buying an additional 88,055 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Up 1.2%

NYSE GTES traded up $0.26 during midday trading on Thursday, hitting $21.98. 1,822,598 shares of the company traded hands, compared to its average volume of 2,835,473. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $23.85. The company's 50-day simple moving average is $20.18 and its 200-day simple moving average is $20.40. The company has a market cap of $5.67 billion, a PE ratio of 26.80 and a beta of 1.21. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. The company had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 earnings per share. As a group, equities research analysts forecast 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 research analyst reports. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 14th. 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 research note on Thursday, May 1st. Morgan Stanley reduced 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 report on Wednesday, February 19th. Finally, KeyCorp increased their price target on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $23.22.

Gates Industrial 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.