State of Alaska Department of Revenue Increases Stake in Gates Industrial Corp PLC (NYSE:GTES)

State of Alaska Department of Revenue boosted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTESGet Rating) by 2.0% during the 3rd quarter, Holdings Channel reports. The fund owned 66,029 shares of the company’s stock after buying an additional 1,287 shares during the period. State of Alaska Department of Revenue’s holdings in Gates Industrial were worth $644,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. bought a new position in shares of Gates Industrial in the 2nd quarter worth $121,000. Ethic Inc. purchased a new stake in shares of Gates Industrial during the first quarter valued at about $170,000. BNP Paribas Arbitrage SA grew its position in shares of Gates Industrial by 90.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 11,379 shares of the company’s stock worth $171,000 after buying an additional 5,409 shares during the last quarter. CLARET ASSET MANAGEMENT Corp bought a new position in shares of Gates Industrial during the 2nd quarter worth approximately $124,000. Finally, Occudo Quantitative Strategies LP purchased a new stake in Gates Industrial during the second quarter valued at approximately $125,000.

Analyst Ratings Changes

GTES has been the topic of several analyst reports. Robert W. Baird cut their price target on shares of Gates Industrial from $19.00 to $14.00 in a report on Monday, November 7th. The Goldman Sachs Group dropped their price target on Gates Industrial from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, October 14th. KeyCorp cut their price target on shares of Gates Industrial from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, October 14th. Credit Suisse Group lifted their price objective on shares of Gates Industrial from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, November 7th. Finally, Citigroup lifted their price target on Gates Industrial from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, December 9th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $13.28.

Gates Industrial Stock Up 0.9 %

Shares of GTES stock opened at $12.66 on Thursday. Gates Industrial Corp PLC has a twelve month low of $9.40 and a twelve month high of $16.75. The stock has a market cap of $3.57 billion, a P/E ratio of 18.62 and a beta of 1.54. The stock has a 50 day moving average of $11.44 and a 200 day moving average of $11.22. The company has a current ratio of 2.97, a quick ratio of 2.05 and a debt-to-equity ratio of 0.79.

Gates Industrial (NYSE:GTESGet Rating) last posted its earnings results on Friday, November 4th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.04. Gates Industrial had a net margin of 5.71% and a return on equity of 9.66%. The firm had revenue of $860.70 million during the quarter, compared to analysts’ expectations of $896.37 million. During the same period in the previous year, the business posted $0.31 EPS. The business’s revenue was down .2% compared to the same quarter last year. As a group, sell-side analysts expect that Gates Industrial Corp PLC will post 0.96 EPS for the current year.

Gates Industrial Profile

(Get Rating)

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.

Recommended Stories

Want to see what other hedge funds are holding GTES? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gates Industrial Corp PLC (NYSE:GTESGet Rating).

Institutional Ownership by Quarter for Gates Industrial (NYSE:GTES)

Receive News & Ratings for Gates Industrial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gates Industrial and related companies with MarketBeat.com's FREE daily email newsletter.