JPMorgan Chase & Co. Grows Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

JPMorgan Chase & Co. boosted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTESGet Rating) by 1.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,878,748 shares of the company’s stock after purchasing an additional 53,861 shares during the period. JPMorgan Chase & Co.’s holdings in Gates Industrial were worth $52,739,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Dana Investment Advisors Inc. increased its holdings in Gates Industrial by 0.8% during the 1st quarter. Dana Investment Advisors Inc. now owns 110,260 shares of the company’s stock valued at $1,661,000 after purchasing an additional 873 shares during the period. Mariner LLC increased its holdings in Gates Industrial by 3.2% during the 1st quarter. Mariner LLC now owns 38,507 shares of the company’s stock valued at $580,000 after purchasing an additional 1,212 shares during the period. Quent Capital LLC grew its holdings in shares of Gates Industrial by 42.2% during the 1st quarter. Quent Capital LLC now owns 4,706 shares of the company’s stock worth $71,000 after acquiring an additional 1,396 shares during the period. Prelude Capital Management LLC grew its holdings in shares of Gates Industrial by 7.4% during the 1st quarter. Prelude Capital Management LLC now owns 20,565 shares of the company’s stock worth $310,000 after acquiring an additional 1,415 shares during the period. Finally, Natixis Advisors L.P. grew its holdings in shares of Gates Industrial by 2.3% during the 1st quarter. Natixis Advisors L.P. now owns 80,101 shares of the company’s stock worth $1,206,000 after acquiring an additional 1,793 shares during the period.

Analyst Ratings Changes

GTES has been the topic of a number of research analyst reports. KeyCorp reduced their target price on Gates Industrial from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, October 14th. Evercore ISI downgraded Gates Industrial from an “outperform” rating to an “in-line” rating and reduced their target price for the stock from $15.00 to $13.50 in a report on Thursday, August 11th. Citigroup reduced their target price on Gates Industrial from $14.00 to $13.00 in a report on Monday, October 10th. Credit Suisse Group upped their target price on Gates Industrial from $13.00 to $14.00 and gave the stock a “neutral” rating in a report on Monday, November 7th. Finally, The Goldman Sachs Group dropped their price target on Gates Industrial from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, October 14th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $13.17.

Gates Industrial Stock Performance

GTES stock opened at $11.59 on Friday. The stock has a market capitalization of $3.27 billion, a PE ratio of 17.04 and a beta of 1.58. Gates Industrial Corp PLC has a 12-month low of $9.40 and a 12-month high of $16.87. The company has a current ratio of 2.97, a quick ratio of 2.05 and a debt-to-equity ratio of 0.79. The stock’s 50 day simple moving average is $10.77 and its 200 day simple moving average is $11.39.

Gates Industrial (NYSE:GTESGet Rating) last released its quarterly earnings data on Friday, November 4th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.03. The business had revenue of $860.70 million for the quarter, compared to analysts’ expectations of $896.37 million. Gates Industrial had a return on equity of 9.66% and a net margin of 5.71%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.31 EPS. As a group, research analysts forecast that Gates Industrial Corp PLC will post 0.96 earnings per share for the current fiscal year.

Gates Industrial Company Profile

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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.

Further Reading

Institutional Ownership by Quarter for Gates Industrial (NYSE:GTES)

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