Confluence Investment Management LLC raised its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 6.5% during the 1st quarter, HoldingsChannel reports. The firm owned 469,312 shares of the company’s stock after purchasing an additional 28,845 shares during the period. Confluence Investment Management LLC’s holdings in Gates Industrial were worth $6,730,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the business. Wright Investors Service Inc. lifted its holdings in Gates Industrial by 7.9% during the fourth quarter. Wright Investors Service Inc. now owns 11,459 shares of the company’s stock valued at $152,000 after purchasing an additional 840 shares in the last quarter. Diversified Trust Co lifted its holdings in shares of Gates Industrial by 7.2% in the fourth quarter. Diversified Trust Co now owns 12,980 shares of the company’s stock worth $172,000 after buying an additional 870 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Gates Industrial by 7.3% in the fourth quarter. Legal & General Group Plc now owns 15,298 shares of the company’s stock worth $203,000 after buying an additional 1,040 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Gates Industrial by 2.2% in the fourth quarter. Bank of New York Mellon Corp now owns 130,599 shares of the company’s stock worth $1,729,000 after buying an additional 2,834 shares in the last quarter. Finally, First Manhattan Co. lifted its holdings in shares of Gates Industrial by 0.7% in the first quarter. First Manhattan Co. now owns 793,835 shares of the company’s stock worth $11,383,000 after buying an additional 5,895 shares in the last quarter.
GTES has been the topic of several research analyst reports. ValuEngine raised shares of Gates Industrial from a “sell” rating to a “hold” rating in a report on Saturday, February 23rd. Zacks Investment Research raised shares of Gates Industrial from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Tuesday, January 8th. Morgan Stanley downgraded shares of Gates Industrial from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $19.00 to $15.00 in a report on Tuesday, December 18th. Finally, TheStreet raised shares of Gates Industrial from a “d+” rating to a “c-” rating in a report on Thursday, April 11th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Gates Industrial has a consensus rating of “Hold” and an average target price of $18.40.
GTES stock opened at $16.45 on Wednesday. Gates Industrial Corp PLC has a one year low of $12.19 and a one year high of $20.29. The company has a current ratio of 2.67, a quick ratio of 1.88 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $4.63 billion, a PE ratio of 12.84 and a beta of 1.64.
Gates Industrial (NYSE:GTES) last released its earnings results on Tuesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.27 by $0.09. Gates Industrial had a net margin of 7.33% and a return on equity of 16.23%. The firm had revenue of $792.10 million for the quarter, compared to the consensus estimate of $825.54 million. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, equities research analysts predict that Gates Industrial Corp PLC will post 1.31 EPS for the current year.
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About Gates Industrial
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.
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