Arizona State Retirement System Grows Stock Holdings in Gates Industrial Corporation PLC (NYSE:GTES)

Arizona State Retirement System raised its position in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 4.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,063 shares of the company’s stock after purchasing an additional 3,015 shares during the period. Arizona State Retirement System’s holdings in Gates Industrial were worth $1,345,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. FMR LLC increased its holdings in Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after purchasing an additional 6,383,165 shares during the period. Invesco Ltd. raised its position in shares of Gates Industrial by 2.3% in the 4th quarter. Invesco Ltd. now owns 7,406,630 shares of the company’s stock worth $152,354,000 after acquiring an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI raised its position in shares of Gates Industrial by 0.3% in the 4th quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company’s stock worth $148,615,000 after acquiring an additional 21,191 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Gates Industrial by 1.3% in the 4th quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company’s stock worth $135,145,000 after acquiring an additional 85,253 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Gates Industrial by 25.7% in the 4th quarter. Franklin Resources Inc. now owns 4,812,887 shares of the company’s stock worth $99,001,000 after acquiring an additional 983,732 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GTES. 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 report on Thursday, May 1st. The Goldman Sachs Group increased their price target on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Citigroup increased their price target on Gates Industrial from $22.00 to $29.00 and gave the company a “buy” rating in a report on Monday, July 14th. Royal Bank Of Canada increased their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Finally, Barclays increased their price target on Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday, July 9th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.44.

Gates Industrial Stock Performance

Shares of GTES stock opened at $24.71 on Friday. The firm has a market cap of $6.37 billion, a price-to-earnings ratio of 30.13 and a beta of 1.22. The company’s 50 day moving average is $22.55 and its 200 day moving average is $20.72. 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 Corporation PLC has a 52-week low of $14.70 and a 52-week high of $25.00.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) 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 business had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same period in the previous year, the company earned $0.31 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, sell-side analysts anticipate that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Gates Industrial 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.