Assenagon Asset Management S.A. Raises Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Assenagon Asset Management S.A. boosted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 15.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,960 shares of the company’s stock after purchasing an additional 16,224 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Gates Industrial were worth $2,227,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in GTES. HighPoint Advisor Group LLC lifted its position in shares of Gates Industrial by 3.2% during the fourth quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock worth $331,000 after purchasing an additional 452 shares during the last quarter. EP Wealth Advisors LLC raised its stake in 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 during the last quarter. MetLife Investment Management LLC boosted its stake in Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after purchasing an additional 567 shares in the last quarter. United Services Automobile Association grew its position in Gates Industrial by 4.8% during the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock worth $289,000 after purchasing an additional 646 shares during the last quarter. Finally, Utah Retirement Systems grew its position in Gates Industrial by 6.4% during the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company’s stock worth $241,000 after purchasing an additional 700 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GTES has been the subject of a number of research reports. The Goldman Sachs Group lifted their price target on Gates Industrial from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 27th. Citigroup dropped their target price on Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Royal Bank of Canada upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Barclays upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. Finally, Wall Street Zen raised shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $23.22.

Gates Industrial Price Performance

GTES stock opened at $22.09 on Tuesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The firm has a market cap of $5.69 billion, a P/E ratio of 30.26 and a beta of 1.21. Gates Industrial Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85. The stock’s 50 day moving average price is $20.02 and its 200 day moving average price is $20.38.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The business had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same period in the prior year, the firm posted $0.31 EPS. The company’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

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.