State of Alaska Department of Revenue Has $3.40 Million Position in Gates Industrial Corporation PLC (NYSE:GTES)

State of Alaska Department of Revenue reduced its position in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 52.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 184,784 shares of the company's stock after selling 202,883 shares during the quarter. State of Alaska Department of Revenue owned about 0.07% of Gates Industrial worth $3,401,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of GTES. QRG Capital Management Inc. increased its stake in shares of Gates Industrial by 4.5% in the 1st quarter. QRG Capital Management Inc. now owns 38,085 shares of the company's stock valued at $701,000 after purchasing an additional 1,626 shares during the last quarter. Brown Miller Wealth Management LLC acquired a new stake in Gates Industrial in the first quarter valued at about $207,000. Wealth Enhancement Advisory Services LLC boosted its stake in Gates Industrial by 4.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock valued at $767,000 after buying an additional 1,845 shares in the last quarter. Simon Quick Advisors LLC bought a new position in Gates Industrial in the first quarter valued at about $228,000. Finally, Assenagon Asset Management S.A. raised its stake in Gates Industrial by 15.5% during the first quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company's stock worth $2,227,000 after acquiring an additional 16,224 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GTES. Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 14th. The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. KeyCorp boosted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Royal Bank Of Canada upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, Citigroup dropped their price target on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research note on Monday, April 14th. 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 data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $23.22.

Gates Industrial Trading Down 0.9%

Shares of Gates Industrial stock traded down $0.20 during trading on Wednesday, hitting $22.65. The company's stock had a trading volume of 2,363,079 shares, compared to its average volume of 2,798,577. 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 Corporation PLC has a 52 week low of $14.70 and a 52 week high of $23.85. The stock has a market cap of $5.84 billion, a price-to-earnings ratio of 17.31 and a beta of 1.21. The stock has a 50-day moving average price of $20.58 and a two-hundred day moving average price of $20.38.

Gates Industrial (NYSE:GTES - Get Free Report) last announced 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 10.15% and a net margin of 6.39%. The firm had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. During the same period in the previous year, the business earned $0.31 EPS. The business's quarterly revenue was down 1.7% compared to the same quarter last year. Equities research analysts anticipate that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

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.