Teacher Retirement System of Texas reduced its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 47.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,192 shares of the company's stock after selling 71,273 shares during the period. Teacher Retirement System of Texas' holdings in Gates Industrial were worth $1,440,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC boosted its stake in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock valued at $152,354,000 after purchasing an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI boosted its stake 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 valued at $148,615,000 after purchasing an additional 21,191 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of 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. Finally, Franklin Resources Inc. boosted its stake in shares of Gates Industrial by 25.7% during the fourth quarter. Franklin Resources Inc. now owns 4,812,887 shares of the company's stock valued at $99,001,000 after purchasing an additional 983,732 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.
Gates Industrial Stock Performance
Shares of NYSE:GTES traded down $0.29 during midday trading on Friday, reaching $24.45. The company's stock had a trading volume of 1,250,624 shares, compared to its average volume of 2,786,132. The firm has a market capitalization of $6.30 billion, a PE ratio of 29.82 and a beta of 1.22. Gates Industrial Corporation PLC has a twelve month low of $14.70 and a twelve month high of $24.92. The stock has a fifty day moving average of $22.13 and a 200 day moving average of $20.58. The company has a quick ratio of 2.35, a current ratio of 3.33 and a debt-to-equity ratio of 0.70.
Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The business's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 earnings per share. On average, equities analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on GTES shares. KeyCorp increased their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Morgan Stanley decreased their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Finally, Royal Bank Of Canada increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Gates Industrial currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.56.
Read Our Latest Research Report on GTES
About Gates Industrial
(
Free Report)
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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