Gates Industrial Corp PLC (NYSE:GTES) Stake Boosted by New York State Common Retirement Fund

New York State Common Retirement Fund raised its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 9.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,036,880 shares of the company’s stock after buying an additional 88,055 shares during the period. New York State Common Retirement Fund’s holdings in Gates Industrial were worth $21,329,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc lifted its stake in Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after acquiring an additional 1,598 shares in the last quarter. Venturi Wealth Management LLC increased its holdings in shares of Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Gates Industrial in the third quarter worth approximately $67,000. Quarry LP acquired a new stake in shares of Gates Industrial during the third quarter worth approximately $71,000. Finally, Covestor Ltd grew its position in Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after purchasing an additional 1,001 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Stock Performance

GTES opened at $22.29 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company has a market cap of $5.69 billion, a PE ratio of 30.53 and a beta of 1.37. The stock has a 50-day moving average of $21.09 and a 200-day moving average of $19.64. Gates Industrial Corp PLC has a 52-week low of $14.14 and a 52-week high of $23.85.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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.

Analyst Ratings Changes

GTES has been the subject of a number of research analyst reports. Royal Bank of Canada increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Barclays increased their price objective on Gates Industrial from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. KeyCorp lifted their price objective on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. The Goldman Sachs Group upped their target price on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Finally, Jefferies Financial Group lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $23.90.

About Gates Industrial

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.