Keybank National Association OH Raises Stake in Gates Industrial Corp PLC (NYSE:GTES)

Keybank National Association OH increased its stake in Gates Industrial Corp PLC (NYSE:GTES) by 42.5% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 34,119 shares of the company’s stock after buying an additional 10,172 shares during the quarter. Keybank National Association OH’s holdings in Gates Industrial were worth $702,000 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 holdings 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 lifted its holdings in Gates Industrial by 35.9% during the third 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 last quarter. SRS Capital Advisors Inc. lifted its holdings in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after purchasing an additional 724 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in Gates Industrial during the third quarter valued at about $67,000. Finally, Quarry LP purchased a new stake in Gates Industrial during the third quarter valued at about $71,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Down 0.4 %

GTES stock opened at $19.87 on Friday. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The company’s 50 day moving average is $21.05 and its 200 day moving average is $19.94. The stock has a market cap of $5.07 billion, a price-to-earnings ratio of 27.22 and a beta of 1.33. Gates Industrial Corp PLC has a 1-year low of $15.14 and a 1-year high of $23.85.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Sell-side analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GTES has been the topic of several recent research reports. Citigroup dropped their price objective on shares of 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 upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. KeyCorp upped their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. The Goldman Sachs Group upped their price target on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Finally, Barclays upped their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.33.

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.