Rhumbline Advisers Boosts Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Rhumbline Advisers increased its stake in Gates Industrial Corp PLC (NYSE:GTES) by 20.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 201,576 shares of the company’s stock after buying an additional 34,167 shares during the quarter. Rhumbline Advisers owned 0.08% of Gates Industrial worth $3,187,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Gates Industrial by 17.5% in the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock worth $318,935,000 after buying an additional 2,678,954 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Gates Industrial by 19.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock worth $261,235,000 after buying an additional 2,450,526 shares during the last quarter. Fiduciary Management Inc. WI boosted its holdings in shares of Gates Industrial by 31.6% in the 4th quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company’s stock worth $94,369,000 after buying an additional 1,689,991 shares during the last quarter. LSV Asset Management boosted its holdings in shares of Gates Industrial by 22.9% in the 1st quarter. LSV Asset Management now owns 3,451,871 shares of the company’s stock worth $61,133,000 after buying an additional 642,648 shares during the last quarter. Finally, GW&K Investment Management LLC lifted its holdings in Gates Industrial by 26.8% during the fourth quarter. GW&K Investment Management LLC now owns 3,188,411 shares of the company’s stock valued at $42,789,000 after purchasing an additional 673,095 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on GTES. Evercore ISI upped their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $20.00 to $22.00 in a report on Monday, August 19th. Barclays dropped their price objective on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. Morgan Stanley began coverage on shares of Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective on the stock. Finally, Robert W. Baird dropped their price objective 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. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.40.

Insider Buying and Selling at Gates Industrial

In related news, Director Wilson S. Neely acquired 11,952 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was purchased at an average price of $16.80 per share, with a total value of $200,793.60. Following the completion of the purchase, the director now owns 6,000 shares in the company, valued at approximately $100,800. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

Gates Industrial Stock Up 1.7 %

GTES stock opened at $17.45 on Wednesday. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68. The company’s 50 day moving average is $17.07 and its 200 day moving average is $16.91. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of 18.84 and a beta of 1.41. Gates Industrial Corp PLC has a 1-year low of $10.68 and a 1-year high of $19.07.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, beating 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 business had revenue of $885.50 million for the quarter, compared to analysts’ expectations of $893.00 million. Sell-side analysts predict that Gates Industrial Corp PLC will post 1.24 EPS for the current fiscal year.

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.