Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by GW&K Investment Management LLC

GW&K Investment Management LLC lifted its position in Gates Industrial Corp PLC (NYSE:GTES) by 25.8% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 5,105,351 shares of the company’s stock after buying an additional 1,047,946 shares during the quarter. Gates Industrial accounts for approximately 0.9% of GW&K Investment Management LLC’s portfolio, making the stock its 13th biggest position. GW&K Investment Management LLC’s holdings in Gates Industrial were worth $105,017,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its stake in Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock worth $317,461,000 after purchasing an additional 616,687 shares during the period. FMR LLC increased its stake in Gates Industrial by 4.5% during the 3rd quarter. FMR LLC now owns 13,059,271 shares of the company’s stock worth $229,190,000 after buying an additional 562,643 shares during the period. State Street Corp lifted its holdings in Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after buying an additional 3,459,450 shares in the last quarter. Jennison Associates LLC boosted its position in Gates Industrial by 31.5% in the 4th quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock valued at $109,038,000 after buying an additional 1,268,716 shares during the period. Finally, Zimmer Partners LP grew its stake in shares of Gates Industrial by 141.2% in the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after acquiring an additional 2,466,543 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $21.29 on Friday. The firm has a market capitalization of $5.44 billion, a P/E ratio of 29.16 and a beta of 1.37. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 52 week low of $14.45 and a 52 week high of $23.85. The firm’s 50 day moving average is $21.11 and its two-hundred day moving average is $19.79.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Research analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GTES. KeyCorp increased their price objective on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. The Goldman Sachs Group upped their price target on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Royal Bank of Canada lifted their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Citigroup cut their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, Evercore ISI lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.90.

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.