Victory Capital Management Inc. Has $17.46 Million Stock Position in Gates Industrial Corporation PLC (NYSE:GTES)

Victory Capital Management Inc. cut its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 13.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 948,229 shares of the company's stock after selling 146,794 shares during the quarter. Victory Capital Management Inc. owned approximately 0.37% of Gates Industrial worth $17,457,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GeoWealth Management LLC increased its stake in shares of Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after purchasing an additional 789 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Gates Industrial in the 4th quarter valued at about $43,000. MetLife Investment Management LLC grew its stake in Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after buying an additional 567 shares during the last quarter. Avanza Fonder AB bought a new stake in Gates Industrial in the 1st quarter valued at about $145,000. Finally, GAMMA Investing LLC grew its position in shares of Gates Industrial by 81.0% during the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after purchasing an additional 4,073 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Price Performance

NYSE:GTES traded up $0.33 on Friday, hitting $25.29. The company had a trading volume of 1,149,042 shares, compared to its average volume of 1,609,257. The stock has a market capitalization of $6.52 billion, a price-to-earnings ratio of 30.84 and a beta of 1.22. The company has a current ratio of 3.33, a quick ratio of 2.35 and a debt-to-equity ratio of 0.70. The firm has a 50 day moving average of $22.81 and a two-hundred day moving average of $20.87. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $25.32.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly 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. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The firm had revenue of $847.60 million during the quarter, compared to analysts' expectations of $823.56 million. During the same period in the prior year, the company posted $0.31 EPS. The company's revenue was down 1.7% on a year-over-year basis. On average, research analysts anticipate that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

Analysts Set New Price Targets

GTES has been the topic of a number of analyst reports. Barclays increased their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 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. Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Finally, Citigroup increased their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Gates Industrial has a consensus rating of "Moderate Buy" and a consensus target price 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.