Gates Industrial Corp PLC (NYSE:GTES) Shares Purchased by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 403.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 649,690 shares of the company’s stock after acquiring an additional 520,586 shares during the period. Wedge Capital Management L L P NC owned approximately 0.25% of Gates Industrial worth $11,961,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. HighPoint Advisor Group LLC increased its position in shares of Gates Industrial by 3.2% during the fourth quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock valued at $331,000 after acquiring an additional 452 shares during the last quarter. EP Wealth Advisors LLC increased its position in shares of Gates Industrial by 3.6% during the fourth quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company’s stock valued at $298,000 after acquiring an additional 504 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after acquiring an additional 567 shares during the last quarter. United Services Automobile Association increased its position in shares of Gates Industrial by 4.8% during the fourth quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock valued at $289,000 after acquiring an additional 646 shares during the last quarter. Finally, Utah Retirement Systems increased its position in shares of Gates Industrial by 6.4% during the fourth quarter. Utah Retirement Systems now owns 11,700 shares of the company’s stock valued at $241,000 after acquiring an additional 700 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Stock Up 1.0%

Shares of Gates Industrial stock opened at $21.72 on Monday. Gates Industrial Corp PLC has a 52-week low of $14.70 and a 52-week high of $23.85. The company has a 50 day moving average of $19.36 and a 200 day moving average of $20.38. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $5.60 billion, a P/E ratio of 29.75 and a beta of 1.21.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The company had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, research analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on GTES. The Goldman Sachs Group lifted their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Citigroup dropped their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a report on Monday, April 14th. KeyCorp lifted their price objective on shares of Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. Wall Street Zen cut shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Friday. Finally, Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Gates Industrial has an average rating of “Moderate Buy” and a consensus target price of $22.89.

Gates Industrial 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.