Teacher Retirement System of Texas Has $1.44 Million Stock Position in Gates Industrial Corporation PLC (NYSE:GTES)

Teacher Retirement System of Texas reduced its position in Gates Industrial Corporation PLC (NYSE:GTES) by 47.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 78,192 shares of the company’s stock after selling 71,273 shares during the period. Teacher Retirement System of Texas’ holdings in Gates Industrial were worth $1,440,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. GeoWealth Management LLC raised its holdings in Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after acquiring an additional 789 shares during the period. Assetmark Inc. increased its holdings in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd bought a new position in shares of Gates Industrial during the fourth quarter worth approximately $43,000. MetLife Investment Management LLC increased its holdings in shares of Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after purchasing an additional 567 shares during the period. Finally, Avanza Fonder AB bought a new position in shares of Gates Industrial during the first quarter worth approximately $145,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Price Performance

GTES stock opened at $24.45 on Friday. The company has a market capitalization of $6.30 billion, a P/E ratio of 29.82 and a beta of 1.22. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-week high of $24.92. The business has a 50-day simple moving average of $22.13 and a two-hundred day simple moving average of $20.58. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The business had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. During the same period in the prior year, the firm posted $0.31 EPS. Gates Industrial’s quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on GTES shares. Wall Street Zen raised shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday. KeyCorp lifted their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Citigroup decreased their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Morgan Stanley decreased their price objective on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group raised their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, May 27th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.56.

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.