Victory Capital Management Inc. Buys 11,736 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Victory Capital Management Inc. raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 1.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 909,101 shares of the company’s stock after purchasing an additional 11,736 shares during the period. Victory Capital Management Inc.’s holdings in Gates Industrial were worth $14,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. TFO Wealth Partners LLC increased its position in shares of Gates Industrial by 68,390.0% during the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. boosted its stake in Gates Industrial by 26.4% during the fourth quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after buying an additional 1,654 shares during the period. Envestnet Portfolio Solutions Inc. bought a new position in Gates Industrial during the fourth quarter valued at $147,000. HighPoint Advisor Group LLC purchased a new stake in shares of Gates Industrial in the fourth quarter valued at $164,000. Finally, Raymond James Trust N.A. bought a new stake in shares of Gates Industrial in the 2nd quarter worth about $190,000. 98.50% of the stock is owned by institutional investors.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the acquisition, the director now directly owns 6,000 shares in the company, valued at approximately $100,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Trading Up 0.8 %

Shares of NYSE GTES opened at $17.06 on Friday. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $19.07. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68. The business has a fifty day simple moving average of $17.01 and a two-hundred day simple moving average of $16.84. The firm has a market cap of $4.46 billion, a PE ratio of 18.76 and a beta of 1.41.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The firm had revenue of $885.50 million during the quarter, compared to the consensus estimate of $893.00 million. Analysts expect that Gates Industrial Corp PLC will post 1.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GTES has been the subject of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Barclays decreased their price target on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th. Robert W. Baird cut their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Finally, Evercore ISI increased their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.40.

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.