Putnam Investments LLC acquired a new stake in Gates Industrial Corp PLC (NYSE:GTES) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 143,300 shares of the company’s stock, valued at approximately $2,331,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GTES. SG Americas Securities LLC acquired a new stake in Gates Industrial during the 1st quarter valued at $108,000. Cubist Systematic Strategies LLC acquired a new stake in Gates Industrial during the 1st quarter valued at $180,000. Diversified Trust Co acquired a new stake in Gates Industrial during the 1st quarter valued at $191,000. Teacher Retirement System of Texas acquired a new stake in Gates Industrial during the 2nd quarter valued at $191,000. Finally, PNC Financial Services Group Inc. grew its holdings in Gates Industrial by 46,566.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 12,600 shares of the company’s stock valued at $206,000 after buying an additional 12,573 shares during the last quarter.

Several equities research analysts have recently issued reports on the company. Zacks Investment Research upgraded Gates Industrial from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective on the stock in a report on Friday, August 3rd. Citigroup set a $23.00 price objective on Gates Industrial and gave the stock a “buy” rating in a report on Monday, June 11th. Morgan Stanley decreased their price objective on Gates Industrial from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, August 2nd. Finally, Royal Bank of Canada restated a “buy” rating and set a $21.00 price objective on shares of Gates Industrial in a report on Thursday, August 2nd. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $21.22.

GTES stock opened at $19.23 on Thursday. Gates Industrial Corp PLC has a 52-week low of $14.60 and a 52-week high of $20.29. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.75 and a current ratio of 2.47.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, August 1st. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.07. The business had revenue of $875.10 million for the quarter, compared to analyst estimates of $860.95 million. research analysts expect that Gates Industrial Corp PLC will post 1.18 earnings per share for the current year.

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.

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

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