Gates Industrial Corp PLC (NYSE:GTES) Stock Position Raised by Truist Financial Corp

Truist Financial Corp lifted its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 6.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 282,809 shares of the company’s stock after buying an additional 17,632 shares during the period. Truist Financial Corp’s holdings in Gates Industrial were worth $5,817,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc boosted its position in Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares during the last quarter. Venturi Wealth Management LLC increased its stake in shares of Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Gates Industrial in the third quarter worth about $67,000. Quarry LP bought a new position in Gates Industrial during the third quarter valued at about $71,000. Finally, Covestor Ltd increased its stake 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 acquiring an additional 1,001 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

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

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $22.29 on Friday. The firm has a market capitalization of $5.69 billion, a P/E ratio of 30.53 and a beta of 1.37. The company’s 50 day moving average price is $21.09 and its two-hundred day moving average price is $19.67. 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 fifty-two week low of $14.14 and a fifty-two week high of $23.85.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, equities 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.