Raymond James & Associates Trims Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Raymond James & Associates reduced its position in shares of Gates Industrial Corp PLC (NYSE:GTESGet Rating) by 0.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 268,962 shares of the company’s stock after selling 1,089 shares during the period. Raymond James & Associates’ holdings in Gates Industrial were worth $2,625,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Board of Administration of Florida Retirement System increased its position in Gates Industrial by 99.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 125,437 shares of the company’s stock worth $1,356,000 after buying an additional 62,444 shares during the period. AQR Capital Management LLC increased its position in Gates Industrial by 71.3% in the second quarter. AQR Capital Management LLC now owns 1,923,264 shares of the company’s stock worth $20,271,000 after buying an additional 800,524 shares during the period. Chartwell Investment Partners LLC increased its position in Gates Industrial by 7.0% in the second quarter. Chartwell Investment Partners LLC now owns 597,438 shares of the company’s stock worth $6,458,000 after buying an additional 39,230 shares during the period. Versor Investments LP acquired a new stake in Gates Industrial in the second quarter worth $1,258,000. Finally, AlphaCrest Capital Management LLC acquired a new stake in Gates Industrial in the second quarter worth $585,000.

Gates Industrial Trading Up 2.2 %

Shares of GTES stock opened at $12.46 on Friday. The stock has a 50-day simple moving average of $11.62 and a 200 day simple moving average of $11.30. Gates Industrial Corp PLC has a fifty-two week low of $9.40 and a fifty-two week high of $16.44. The stock has a market capitalization of $3.52 billion, a P/E ratio of 18.32 and a beta of 1.54. The company has a quick ratio of 2.05, a current ratio of 2.97 and a debt-to-equity ratio of 0.79.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GTES shares. Morgan Stanley dropped their target price on Gates Industrial from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 12th. Credit Suisse Group raised their price target on Gates Industrial from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Monday, November 7th. KeyCorp lowered their price target on Gates Industrial from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, October 14th. Citigroup raised their price target on Gates Industrial from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday, December 9th. Finally, The Goldman Sachs Group lowered their price target on Gates Industrial from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, October 14th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Gates Industrial has an average rating of “Hold” and a consensus price target of $13.28.

About Gates Industrial

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

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