Rhumbline Advisers Purchases 34,167 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Rhumbline Advisers lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 20.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,576 shares of the company's stock after purchasing an additional 34,167 shares during the period. Rhumbline Advisers owned about 0.08% of Gates Industrial worth $3,187,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in GTES. Vanguard Group Inc. raised its stake in Gates Industrial by 17.5% during the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company's stock valued at $318,935,000 after buying an additional 2,678,954 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Gates Industrial by 19.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company's stock valued at $261,235,000 after acquiring an additional 2,450,526 shares in the last quarter. Fiduciary Management Inc. WI lifted its stake in Gates Industrial by 31.6% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company's stock worth $94,369,000 after purchasing an additional 1,689,991 shares during the last quarter. LSV Asset Management lifted its stake in Gates Industrial by 22.9% during the first quarter. LSV Asset Management now owns 3,451,871 shares of the company's stock worth $61,133,000 after purchasing an additional 642,648 shares during the last quarter. Finally, GW&K Investment Management LLC boosted its holdings in Gates Industrial by 26.8% in the fourth quarter. GW&K Investment Management LLC now owns 3,188,411 shares of the company's stock worth $42,789,000 after purchasing an additional 673,095 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Price Performance

Shares of GTES traded down $0.01 during trading hours on Wednesday, hitting $17.44. 1,530,511 shares of the company were exchanged, compared to its average volume of 3,098,188. The firm has a fifty day simple moving average of $17.12 and a 200-day simple moving average of $16.93. The company has a market capitalization of $4.56 billion, a PE ratio of 19.18 and a beta of 1.41. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20. Gates Industrial Corp PLC has a one year low of $10.68 and a one year high of $19.07.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. The company had revenue of $885.50 million during the quarter, compared to analysts' expectations of $893.00 million. As a group, sell-side analysts predict that Gates Industrial Corp PLC will post 1.24 earnings per share for the current year.

Insider Activity

In related news, Director Wilson S. Neely bought 11,952 shares of the business's stock in a transaction on Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the transaction, the director now directly owns 6,000 shares in the company, valued at $100,800. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on GTES shares. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group increased their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, August 1st. Barclays reduced their price target on shares of Gates Industrial from $17.00 to $16.00 and set an "equal weight" rating for the company in a report on Tuesday, June 4th. Evercore ISI increased their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a report on Monday, August 19th. Finally, Robert W. Baird reduced their target price on shares of Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a research note on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $19.40.

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.