Tectonic Advisors LLC Grows Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Tectonic Advisors LLC grew its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 3.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,852 shares of the company’s stock after buying an additional 724 shares during the quarter. Tectonic Advisors LLC’s holdings in Gates Industrial were worth $429,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its position in Gates Industrial by 2.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock valued at $262,011,000 after purchasing an additional 303,353 shares in the last quarter. FMR LLC increased its position in shares of Gates Industrial by 4.5% during the 3rd quarter. FMR LLC now owns 13,059,271 shares of the company’s stock valued at $229,190,000 after purchasing an additional 562,643 shares during the last quarter. State Street Corp raised its holdings in shares of Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after buying an additional 3,459,450 shares in the last quarter. Jennison Associates LLC lifted 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 worth $109,038,000 after buying an additional 1,268,716 shares during the last quarter. Finally, Zimmer Partners LP boosted its stake in 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 buying an additional 2,466,543 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Citigroup decreased their price target 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. Royal Bank of Canada upped their price target on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. The Goldman Sachs Group lifted their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $21.00 to $25.00 in a report on Thursday, December 5th. Finally, Jefferies Financial Group lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

Gates Industrial Price Performance

GTES opened at $23.20 on Friday. The stock’s 50 day moving average price is $21.01 and its 200-day moving average price is $19.25. Gates Industrial Corp PLC has a 52-week low of $12.40 and a 52-week high of $23.34. The stock has a market capitalization of $5.91 billion, a PE ratio of 27.95 and a beta of 1.37. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data 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 6.43% and a return on equity of 9.94%. On average, equities research analysts predict that Gates Industrial Corp PLC will post 1.26 EPS for the current 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.