Teacher Retirement System of Texas Sells 71,273 Shares of Gates Industrial Corporation PLC (NYSE:GTES)

Teacher Retirement System of Texas trimmed its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 47.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. GeoWealth Management LLC raised its stake in shares of Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. raised its stake in shares of Gates Industrial by 2,968.6% during the 4th 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 stake in shares of Gates Industrial during the 4th quarter worth $43,000. MetLife Investment Management LLC raised its stake in shares of Gates Industrial by 15.8% during 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 during the period. Finally, Avanza Fonder AB bought a new stake in shares of Gates Industrial during the 1st quarter worth $145,000. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on GTES shares. Barclays lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup lowered their price objective on 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 lowered their price objective on 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. KeyCorp boosted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Finally, The Goldman Sachs Group boosted their price objective on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.56.

Gates Industrial Trading Down 1.2%

Shares of GTES opened at $24.45 on Friday. The business’s 50-day moving average price is $22.13 and its 200-day moving average price is $20.58. Gates Industrial Corporation PLC has a twelve month low of $14.70 and a twelve month high of $24.92. The stock has a market cap of $6.30 billion, a PE ratio of 29.82 and a beta of 1.22. The company has a quick ratio of 2.35, a current ratio of 3.33 and a debt-to-equity ratio of 0.70.

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

Gates Industrial Company Profile

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.