Jennison Associates LLC boosted its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 31.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,300,805 shares of the company's stock after buying an additional 1,268,716 shares during the period. Jennison Associates LLC owned approximately 2.08% of Gates Industrial worth $109,038,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. State Street Corp boosted its stake in shares of Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company's stock valued at $114,485,000 after purchasing an additional 3,459,450 shares in the last quarter. Zimmer Partners LP grew its holdings in Gates Industrial by 141.2% during the 3rd 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 during the last quarter. Franklin Resources Inc. increased its position in Gates Industrial by 138.0% in the 3rd quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company's stock valued at $68,159,000 after acquiring an additional 2,220,277 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock worth $18,670,000 after purchasing an additional 1,048,596 shares during the period. Finally, New York State Common Retirement Fund grew its stake in shares of Gates Industrial by 606.4% in the third quarter. New York State Common Retirement Fund now owns 948,825 shares of the company's stock worth $16,652,000 after purchasing an additional 814,510 shares during the last quarter. 98.50% of the stock is owned by institutional investors.
Gates Industrial Stock Down 2.8 %
Shares of NYSE GTES traded down $0.66 during trading on Friday, hitting $22.56. 4,024,451 shares of the company traded hands, compared to its average volume of 2,339,530. The business's fifty day moving average is $21.01 and its 200 day moving average is $19.25. Gates Industrial Corp PLC has a fifty-two week low of $12.40 and a fifty-two week high of $23.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The firm has a market capitalization of $5.75 billion, a price-to-earnings ratio of 27.18 and a beta of 1.37.
Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.33. Gates Industrial had a return on equity of 9.94% and a net margin of 6.43%. Equities research analysts predict that Gates Industrial Corp PLC will post 1.26 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of research firms have commented on GTES. Jefferies Financial Group upped their price target on Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Friday, December 6th. KeyCorp increased their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a research report on Friday. The Goldman Sachs Group boosted their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, December 12th. Barclays upgraded shares of Gates Industrial from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. Finally, Citigroup dropped their target price on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Three 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 currently has an average rating of "Moderate Buy" and a consensus price target of $23.00.
Check Out Our Latest Stock Report on GTES
Gates Industrial Company Profile
(
Free Report)
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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