Bank of New York Mellon Corp Has $55.94 Million Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Bank of New York Mellon Corp raised its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 101.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,719,239 shares of the company's stock after acquiring an additional 1,366,431 shares during the quarter. Bank of New York Mellon Corp owned about 1.07% of Gates Industrial worth $55,935,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in GTES. Versant Capital Management Inc lifted its stake in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock valued at $51,000 after purchasing an additional 1,598 shares during the last quarter. Venturi Wealth Management LLC lifted its position in shares of Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock worth $54,000 after buying an additional 814 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Gates Industrial during the 3rd quarter worth about $67,000. Quarry LP bought a new stake in shares of Gates Industrial during the 3rd quarter worth about $71,000. Finally, Covestor Ltd increased its holdings in shares of Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company's stock valued at $84,000 after acquiring an additional 1,001 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GTES. Evercore ISI boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. Jefferies Financial Group upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Friday, December 6th. The Goldman Sachs Group raised their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a research note on Thursday, December 12th. Royal Bank of Canada upped their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Finally, Citigroup lowered their price target on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $23.90.

Gates Industrial Trading Up 5.2 %

Shares of GTES stock traded up $1.02 on Wednesday, reaching $20.38. 3,885,333 shares of the stock were exchanged, compared to its average volume of 2,926,955. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. Gates Industrial Corp PLC has a one year low of $14.77 and a one year high of $23.85. The stock has a market cap of $5.20 billion, a PE ratio of 27.91 and a beta of 1.37. The stock has a 50 day moving average price of $21.09 and a 200 day moving average price of $19.90.

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

Gates Industrial Company 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.