Tectonic Advisors LLC Acquires 724 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Tectonic Advisors LLC increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 3.6% during the fourth quarter, HoldingsChannel reports. The firm owned 20,852 shares of the company’s stock after buying an additional 724 shares during the period. Tectonic Advisors LLC’s holdings in Gates Industrial were worth $429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of GTES. GAMMA Investing LLC lifted its holdings in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after buying an additional 2,998 shares during the period. Mutual of America Capital Management LLC bought a new position in Gates Industrial in the third quarter valued at about $597,000. Jennison Associates LLC boosted its position in Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after purchasing an additional 1,268,407 shares during the last quarter. Foundry Partners LLC bought a new stake in shares of Gates Industrial during the 3rd quarter valued at about $4,247,000. Finally, Verition Fund Management LLC increased its position in shares of Gates Industrial by 322.7% during the 3rd quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock valued at $6,660,000 after purchasing an additional 289,722 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on GTES shares. Royal Bank of Canada raised their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. Citigroup dropped 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. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. KeyCorp lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Jefferies Financial Group upped their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research 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. Based on data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and an average target price of $22.50.

Gates Industrial Stock Performance

NYSE:GTES opened at $23.20 on Friday. The stock has a 50-day moving average price of $21.01 and a 200 day moving average price of $19.25. The stock has a market capitalization of $5.91 billion, a P/E ratio of 27.95 and a beta of 1.37. Gates Industrial Corp PLC has a 12-month low of $12.40 and a 12-month high of $23.34. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 6.43% and a return on equity of 9.94%. Equities research analysts forecast that Gates Industrial Corp PLC will post 1.26 EPS 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.