Truist Financial Corp Raises Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Truist Financial Corp increased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 6.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 282,809 shares of the company’s stock after purchasing an additional 17,632 shares during the quarter. Truist Financial Corp owned approximately 0.11% of Gates Industrial worth $5,817,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in Gates Industrial by 3.3% in the 4th quarter. Principal Financial Group Inc. now owns 1,099,104 shares of the company’s stock valued at $22,609,000 after buying an additional 35,266 shares in the last quarter. Principal Securities Inc. grew its holdings in Gates Industrial by 30.4% in the 4th quarter. Principal Securities Inc. now owns 11,426 shares of the company’s stock valued at $235,000 after buying an additional 2,665 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Gates Industrial by 4.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock valued at $317,461,000 after buying an additional 616,687 shares in the last quarter. Summit Trail Advisors LLC grew its holdings in Gates Industrial by 67.4% in the 4th quarter. Summit Trail Advisors LLC now owns 39,376 shares of the company’s stock valued at $810,000 after buying an additional 15,854 shares in the last quarter. Finally, Savant Capital LLC grew its holdings in Gates Industrial by 1.3% in the 4th quarter. Savant Capital LLC now owns 124,913 shares of the company’s stock valued at $2,569,000 after buying an additional 1,629 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group increased their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Citigroup lowered their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Evercore ISI increased their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday. KeyCorp increased their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Finally, Royal Bank of Canada increased 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. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.90.

Gates Industrial Stock Down 4.4 %

Shares of NYSE:GTES opened at $22.29 on Friday. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 52-week low of $14.14 and a 52-week high of $23.85. The stock’s fifty day simple moving average is $21.09 and its 200-day simple moving average is $19.67. The company has a market capitalization of $5.69 billion, a P/E ratio of 30.53 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share 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.