Gates Industrial Corp PLC (NYSE:GTES) Stock Position Lifted by Teacher Retirement System of Texas

Teacher Retirement System of Texas lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 96.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 149,465 shares of the company's stock after buying an additional 73,406 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.06% of Gates Industrial worth $3,074,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of GTES. Xponance Inc. purchased a new stake in Gates Industrial in the 4th quarter worth approximately $215,000. Thrivent Financial for Lutherans raised its stake in shares of Gates Industrial by 39.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,336,894 shares of the company's stock valued at $27,500,000 after acquiring an additional 378,477 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Gates Industrial by 41.9% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 28,857 shares of the company's stock valued at $594,000 after acquiring an additional 8,527 shares during the period. Natixis Advisors LLC boosted its position in Gates Industrial by 27.3% during the 4th quarter. Natixis Advisors LLC now owns 217,494 shares of the company's stock worth $4,474,000 after purchasing an additional 46,709 shares during the period. Finally, Swiss National Bank boosted its position in Gates Industrial by 16.3% during the 4th quarter. Swiss National Bank now owns 474,800 shares of the company's stock worth $9,767,000 after purchasing an additional 66,600 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.

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Gates Industrial Stock Down 4.4 %

GTES traded down $0.85 during trading on Friday, hitting $18.48. The company had a trading volume of 1,993,461 shares, compared to its average volume of 2,926,344. The company has a market cap of $4.72 billion, a PE ratio of 25.31 and a beta of 1.33. 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 1-year low of $15.14 and a 1-year high of $23.85. The business has a 50-day moving average of $20.77 and a 200-day moving average of $20.15.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts' consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Citigroup reduced their price objective on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a research note on Monday, January 13th. Evercore ISI boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research report on Wednesday, February 19th. Royal Bank of Canada upped their price target on Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. KeyCorp lifted their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Friday, February 7th. Finally, Barclays decreased their target price on shares of Gates Industrial from $26.00 to $25.00 and set an "overweight" rating for the company in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $24.00.

Insider Activity

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company's stock.

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.