Bank of New York Mellon Corp Grows Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Bank of New York Mellon Corp boosted its position in Gates Industrial Corp PLC (NYSE:GTES) by 33.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 591,722 shares of the company’s stock after acquiring an additional 147,846 shares during the period. Bank of New York Mellon Corp owned about 0.23% of Gates Industrial worth $9,355,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Advisory Services Network LLC grew its stake in Gates Industrial by 2.9% in the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock worth $463,000 after acquiring an additional 978 shares during the period. Johnson Financial Group Inc. grew its stake in shares of Gates Industrial by 26.4% during the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock valued at $106,000 after buying an additional 1,654 shares during the period. Uncommon Cents Investing LLC grew its stake in shares of Gates Industrial by 11.4% during the 1st quarter. Uncommon Cents Investing LLC now owns 19,980 shares of the company’s stock valued at $354,000 after buying an additional 2,045 shares during the period. Wedge Capital Management L L P NC grew its stake in shares of Gates Industrial by 1.8% during the 2nd quarter. Wedge Capital Management L L P NC now owns 158,449 shares of the company’s stock valued at $2,505,000 after buying an additional 2,851 shares during the period. Finally, Amalgamated Bank grew its stake in shares of Gates Industrial by 14.6% during the 4th quarter. Amalgamated Bank now owns 24,860 shares of the company’s stock valued at $334,000 after buying an additional 3,164 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on GTES shares. Evercore ISI boosted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Robert W. Baird reduced their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Morgan Stanley started coverage on shares of Gates Industrial in a report on Friday. They set an “equal weight” rating and a $19.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.40.

Gates Industrial Stock Performance

Shares of GTES stock opened at $16.40 on Tuesday. Gates Industrial Corp PLC has a 12 month low of $10.68 and a 12 month high of $19.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20. The firm has a market capitalization of $4.29 billion, a P/E ratio of 18.02 and a beta of 1.41. The company’s fifty day moving average price is $16.94 and its two-hundred day moving average price is $16.83.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. The firm had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. On average, research analysts anticipate that Gates Industrial Corp PLC will post 1.22 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Wilson S. Neely bought 11,952 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the purchase, the director now owns 6,000 shares in the company, valued at approximately $100,800. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

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.