Gates Industrial Corporation PLC (NYSE:GTES) Stock Holdings Trimmed by Teacher Retirement System of Texas

Teacher Retirement System of Texas decreased its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 47.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,192 shares of the company's stock after selling 71,273 shares during the quarter. Teacher Retirement System of Texas' holdings in Gates Industrial were worth $1,440,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. FMR LLC boosted its holdings in Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after acquiring an additional 6,383,165 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Gates Industrial by 1,185.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock valued at $69,187,000 after acquiring an additional 3,101,738 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Gates Industrial by 540.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock valued at $74,247,000 after acquiring an additional 3,046,064 shares during the last quarter. Norges Bank acquired a new position in Gates Industrial in the fourth quarter valued at $56,520,000. Finally, Raymond James Financial Inc. acquired a new position in Gates Industrial in the fourth quarter valued at $42,080,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Stock Down 0.2%

Shares of NYSE GTES traded down $0.04 during midday trading on Wednesday, reaching $24.39. 1,655,613 shares of the company's stock were exchanged, compared to its average volume of 2,772,614. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-week high of $24.95. The stock has a market capitalization of $6.29 billion, a PE ratio of 29.74 and a beta of 1.22. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33. The business's fifty day moving average price is $22.30 and its two-hundred day moving average price is $20.63.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The business had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same period in the previous year, the company earned $0.31 earnings per share. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. Analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on GTES shares. Citigroup lifted their target price on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a report on Monday. KeyCorp boosted their price objective on 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 boosted 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 research note on Thursday, May 1st. Finally, The Goldman Sachs Group boosted their price objective on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Gates Industrial presently has an average rating of "Moderate Buy" and a consensus price target of $24.44.

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.