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

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EP Wealth Advisors LLC grew its stake in shares of Gates Industrial by 3.6% in the fourth quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock valued at $298,000 after buying an additional 504 shares in the last quarter. MetLife Investment Management LLC lifted its stake in shares of Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after acquiring an additional 567 shares in the last quarter. Personal CFO Solutions LLC increased its holdings in Gates Industrial by 6.4% during the 1st quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company's stock worth $206,000 after purchasing an additional 670 shares during the last quarter. Utah Retirement Systems raised its position in shares of Gates Industrial by 6.4% in the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock valued at $241,000 after purchasing an additional 700 shares in the last quarter. Finally, GeoWealth Management LLC boosted 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 valued at $25,000 after buying an additional 789 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

Shares of GTES traded down $0.09 during trading hours on Wednesday, hitting $24.13. 2,337,843 shares of the company were exchanged, compared to its average volume of 2,332,332. The firm has a fifty day simple moving average of $23.29 and a 200-day simple moving average of $21.09. The company has a market capitalization of $6.21 billion, a PE ratio of 30.93 and a beta of 1.24. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $25.66.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%. The firm had revenue of $883.70 million for the quarter, compared to analysts' expectations of $873.34 million. During the same quarter last year, the business posted $0.36 EPS. Gates Industrial's revenue was down .2% on a year-over-year basis. As a group, sell-side analysts predict 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 subject of a number of research analyst reports. Barclays reiterated an "overweight" rating and issued a $28.00 price target (up from $26.00) on shares of Gates Industrial in a report on Monday. The Goldman Sachs Group raised their price target 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. Morgan Stanley dropped their price target on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. Finally, Citigroup increased their price target on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $26.67.

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.