Cerity Partners LLC Has $3.26 Million Stock Holdings in Gates Industrial Corporation PLC (NYSE:GTES)

Cerity Partners LLC raised its position in Gates Industrial Corporation PLC (NYSE:GTES) by 9.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 176,961 shares of the company’s stock after acquiring an additional 15,260 shares during the period. Cerity Partners LLC owned about 0.07% of Gates Industrial worth $3,258,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. GeoWealth Management LLC lifted its holdings in Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after purchasing an additional 789 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial during the fourth quarter worth approximately $43,000. MetLife Investment Management LLC raised its stake in shares of Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after acquiring an additional 567 shares during the last quarter. Avanza Fonder AB acquired a new position in shares of Gates Industrial in the 1st quarter worth approximately $145,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Gates Industrial by 81.0% in the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company’s stock worth $168,000 after acquiring an additional 4,073 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of NYSE:GTES opened at $24.71 on Friday. The firm’s 50 day simple moving average is $22.55 and its 200 day simple moving average is $20.72. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $25.00. The company has a market capitalization of $6.37 billion, a price-to-earnings ratio of 30.13 and a beta of 1.22. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35.

Gates Industrial (NYSE:GTES) last posted its earnings results 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 6.39% and a return on equity of 10.15%. The company had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same period last year, the business posted $0.31 earnings per share. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. The Goldman Sachs Group lifted their price objective on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, May 27th. KeyCorp lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Royal Bank Of Canada increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Wall Street Zen raised shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 12th. Finally, Morgan Stanley decreased their price target 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. 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 company’s stock. According to MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and an average target price of $24.44.

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.