State of Alaska Department of Revenue Boosts Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

State of Alaska Department of Revenue raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES – Get Rating) by 2.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 66,029 shares of the company’s stock after buying an additional 1,287 shares during the quarter. State of Alaska Department of Revenue’s holdings in Gates Industrial were worth $644,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GTES. Captrust Financial Advisors raised its holdings in Gates Industrial by 68.4% in the second quarter. Captrust Financial Advisors now owns 27,818 shares of the company’s stock worth $301,000 after buying an additional 11,296 shares during the last quarter. Legal & General Group Plc raised its holdings in Gates Industrial by 19.1% in the 2nd quarter. Legal & General Group Plc now owns 74,542 shares of the company’s stock worth $806,000 after acquiring an additional 11,935 shares during the last quarter. Prudential Financial Inc. lifted its position in Gates Industrial by 197.8% in the 2nd quarter. Prudential Financial Inc. now owns 1,041,802 shares of the company’s stock valued at $11,314,000 after acquiring an additional 691,957 shares in the last quarter. Occudo Quantitative Strategies LP purchased a new stake in Gates Industrial during the 2nd quarter valued at $125,000. Finally, AQR Capital Management LLC increased its holdings in shares of Gates Industrial by 71.3% in the 2nd quarter. AQR Capital Management LLC now owns 1,923,264 shares of the company’s stock worth $20,271,000 after purchasing an additional 800,524 shares in the last quarter.

Gates Industrial Trading Up 0.9 %

Gates Industrial stock opened at $12.66 on Thursday. The stock has a market cap of $3.57 billion, a P/E ratio of 18.62 and a beta of 1.54. The firm’s 50 day moving average price is $11.44 and its 200-day moving average price is $11.22. Gates Industrial Corp PLC has a 1 year low of $9.40 and a 1 year high of $16.75. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.97 and a quick ratio of 2.05.

Gates Industrial (NYSE:GTES – Get Rating) last issued its quarterly earnings data on Friday, November 4th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.04. Gates Industrial had a return on equity of 9.66% and a net margin of 5.71%. The business had revenue of $860.70 million for the quarter, compared to analysts’ expectations of $896.37 million. During the same period in the prior year, the firm earned $0.31 EPS. The company’s revenue for the quarter was down .2% on a year-over-year basis. On average, equities analysts predict that Gates Industrial Corp PLC will post 0.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GTES shares. Credit Suisse Group upped their price target on Gates Industrial from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Monday, November 7th. Morgan Stanley cut their price target on Gates Industrial from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 12th. Citigroup raised their price objective on shares of Gates Industrial from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, December 9th. Robert W. Baird cut their price objective on shares of Gates Industrial from $19.00 to $14.00 in a research report on Monday, November 7th. Finally, Barclays decreased their target price on Gates Industrial from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Monday, October 3rd. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.28.

Gates Industrial 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.