Gates Industrial Corporation PLC (NYSE:GTES) Position Increased by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Gates Industrial Corporation by 20.1%, owning a total of 65,371 shares valued at approximately $1.2 million.
• Several institutional investors have also raised their stakes in Gates Industrial, with hedge funds and other institutions now owning 98.5% of the company's stock.
• Gates Industrial's stock currently has an average rating of "Moderate Buy", with a consensus price target of $26.44, following upgrades from multiple analysts.

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 20.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 65,371 shares of the company's stock after acquiring an additional 10,933 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Gates Industrial were worth $1,204,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. LPL Financial LLC raised its stake in Gates Industrial by 12.7% in the fourth quarter. LPL Financial LLC now owns 154,916 shares of the company's stock worth $3,187,000 after buying an additional 17,419 shares in the last quarter. Pictet Asset Management Holding SA grew its position in shares of Gates Industrial by 28.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 33,536 shares of the company's stock worth $690,000 after buying an additional 7,414 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Gates Industrial in the 4th quarter worth about $2,942,000. Schroder Investment Management Group bought a new stake in Gates Industrial during the fourth quarter worth about $2,811,000. Finally, CIBC Private Wealth Group LLC grew its holdings in Gates Industrial by 70.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 10,199 shares of the company's stock worth $205,000 after purchasing an additional 4,199 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Down 1.6%

Shares of GTES stock traded down $0.40 during trading hours on Thursday, hitting $23.75. The company had a trading volume of 1,099,258 shares, compared to its average volume of 2,323,684. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $25.66. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The company's fifty day moving average is $23.35 and its 200 day moving average is $21.11. The stock has a market capitalization of $6.12 billion, a PE ratio of 30.51 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%. The company had revenue of $883.70 million for the quarter, compared to analyst estimates of $873.34 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. The firm's revenue was down .2% compared to the same quarter last year. Research analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Royal Bank Of Canada lifted their price objective on Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. UBS Group raised their price objective on Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Barclays restated an "overweight" rating and issued a $28.00 target price (up previously from $26.00) on shares of Gates Industrial in a report on Monday. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Finally, Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 12th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $26.67.

About Gates Industrial

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.