Gates Industrial Corporation PLC (NYSE:GTES) Shares Acquired by LPL Financial LLC

LPL Financial LLC raised its stake in Gates Industrial Corporation PLC (NYSE:GTES) by 15.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 179,272 shares of the company’s stock after acquiring an additional 24,356 shares during the period. LPL Financial LLC owned 0.07% of Gates Industrial worth $3,300,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. GeoWealth Management LLC boosted its position in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares during the period. MetLife Investment Management LLC raised its stake in Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after purchasing an additional 567 shares during the period. Avanza Fonder AB acquired a new stake in Gates Industrial during the 1st quarter valued at $145,000. GAMMA Investing LLC raised its stake in Gates Industrial by 81.0% during the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company’s stock valued at $168,000 after purchasing an additional 4,073 shares during the period. Finally, Versant Capital Management Inc raised its stake in Gates Industrial by 295.1% during the 1st quarter. Versant Capital Management Inc now owns 9,853 shares of the company’s stock valued at $181,000 after purchasing an additional 7,359 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Trading Down 1.7%

Gates Industrial stock opened at $24.11 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 30.91 and a beta of 1.24. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $25.66. The company’s fifty day moving average price is $23.74 and its two-hundred day moving average price is $21.30.

Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The business’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 earnings per share. On average, analysts forecast that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on GTES shares. The Goldman Sachs Group boosted their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. UBS Group boosted their target price on shares of Gates Industrial from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. KeyCorp reaffirmed an “overweight” rating and issued a $30.00 price target (up from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Royal Bank Of Canada upped their price target on shares of Gates Industrial from $28.00 to $29.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Finally, Citigroup upped their price target on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. Three research 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’s stock. Based on data from MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and a consensus target price of $26.67.

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.