Commonwealth Equity Services LLC Makes New $760,000 Investment in Gates Industrial Corp PLC (NYSE:GTES)

Commonwealth Equity Services LLC purchased a new stake in Gates Industrial Corp PLC (NYSE:GTESFree Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 42,919 shares of the company’s stock, valued at approximately $760,000.

Several other hedge funds and other institutional investors have also made changes to their positions in GTES. Sei Investments Co. lifted its holdings in shares of Gates Industrial by 7.0% in the third quarter. Sei Investments Co. now owns 1,275,348 shares of the company’s stock valued at $14,807,000 after purchasing an additional 83,726 shares in the last quarter. Graham Capital Management L.P. lifted its stake in Gates Industrial by 104.3% in the 3rd quarter. Graham Capital Management L.P. now owns 217,958 shares of the company’s stock valued at $2,530,000 after buying an additional 111,250 shares in the last quarter. American Century Companies Inc. grew its holdings in Gates Industrial by 8.9% during the 3rd quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock valued at $88,265,000 after buying an additional 620,131 shares during the last quarter. Vanguard Group Inc. increased its position in Gates Industrial by 12.4% during the third quarter. Vanguard Group Inc. now owns 13,810,748 shares of the company’s stock worth $160,343,000 after buying an additional 1,520,338 shares in the last quarter. Finally, Riverwater Partners LLC raised its holdings in shares of Gates Industrial by 26.5% in the fourth quarter. Riverwater Partners LLC now owns 16,625 shares of the company’s stock worth $223,000 after acquiring an additional 3,487 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on GTES. Citigroup lifted their price objective on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Barclays lowered their price target on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Tuesday, June 4th. Robert W. Baird upped their price objective on shares of Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Finally, The Goldman Sachs Group lifted their target price on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.13.

View Our Latest Stock Report on Gates Industrial

Insider Activity

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total transaction of $328,641,250.00. Following the completion of the sale, the insider now directly owns 77,326 shares of the company’s stock, valued at approximately $1,262,733.58. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

GTES stock opened at $15.23 on Wednesday. The company has a market cap of $3.98 billion, a PE ratio of 16.74 and a beta of 1.44. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. The stock has a 50-day moving average price of $16.53 and a two-hundred day moving average price of $15.62. Gates Industrial Corp PLC has a 12-month low of $10.68 and a 12-month high of $17.99.

Gates Industrial (NYSE:GTESGet Free Report) last issued its earnings results on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. The business had revenue of $862.60 million during the quarter, compared to analysts’ expectations of $866.00 million. As a group, research analysts predict that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

Gates Industrial Company Profile

(Free Report)

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.

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

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