Cetera Investment Advisers Sells 1,512 Shares of Gates Industrial Corporation PLC (NYSE:GTES)

Cetera Investment Advisers trimmed its holdings in Gates Industrial Corporation PLC (NYSE:GTES) by 3.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,349 shares of the company’s stock after selling 1,512 shares during the quarter. Cetera Investment Advisers’ holdings in Gates Industrial were worth $780,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. GeoWealth Management LLC boosted its position in shares of Gates Industrial by 187.4% in the fourth 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. MetLife Investment Management LLC lifted its position in Gates Industrial by 15.8% in 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. Avanza Fonder AB bought a new position in Gates Industrial in the first quarter worth $145,000. GAMMA Investing LLC lifted its position in Gates Industrial by 81.0% in the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company’s stock worth $168,000 after purchasing an additional 4,073 shares during the period. Finally, Versant Capital Management Inc lifted its position in Gates Industrial by 295.1% in the first quarter. Versant Capital Management Inc now owns 9,853 shares of the company’s stock worth $181,000 after purchasing an additional 7,359 shares during the period. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Up 3.7%

Shares of NYSE GTES opened at $25.35 on Thursday. The stock has a market cap of $6.53 billion, a PE ratio of 32.49 and a beta of 1.24. The business has a fifty day moving average of $23.63 and a two-hundred day moving average of $21.23. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-week high of $25.66. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%. The company had revenue of $883.70 million during the quarter, compared to analyst estimates of $873.34 million. During the same period last year, the company posted $0.36 earnings per share. The firm’s quarterly revenue was down .2% compared to the same quarter last year. As a group, equities research analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. UBS Group raised their target price on Gates Industrial from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Wall Street Zen raised Gates Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 12th. KeyCorp reaffirmed an “overweight” rating and issued a $30.00 target price (up from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Royal Bank Of Canada lifted their price objective on Gates Industrial from $28.00 to $29.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Finally, 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 report on Tuesday, May 27th. Three 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 company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.67.

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.