Rhumbline Advisers grew its position in Gates Industrial Corp PLC (NYSE:GTES) by 16.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,852 shares of the company’s stock after purchasing an additional 5,559 shares during the quarter. Rhumbline Advisers’ holdings in Gates Industrial were worth $632,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in Gates Industrial during the 1st quarter worth $108,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Gates Industrial in the first quarter valued at about $180,000. Diversified Trust Co purchased a new stake in shares of Gates Industrial in the first quarter valued at about $191,000. Advisory Services Network LLC purchased a new stake in shares of Gates Industrial in the second quarter valued at about $231,000. Finally, Stevens Capital Management LP purchased a new stake in shares of Gates Industrial in the first quarter valued at about $445,000.
Several analysts recently commented on GTES shares. Zacks Investment Research cut shares of Gates Industrial from a “buy” rating to a “hold” rating in a research note on Wednesday, July 11th. Royal Bank of Canada reiterated a “buy” rating and issued a $21.00 price objective on shares of Gates Industrial in a research note on Thursday, August 2nd. Finally, Morgan Stanley cut their target price on shares of Gates Industrial from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, August 2nd. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Gates Industrial presently has a consensus rating of “Buy” and an average target price of $21.22.
GTES traded down $0.10 during trading on Friday, hitting $16.27. 415,981 shares of the company’s stock were exchanged, compared to its average volume of 532,372. Gates Industrial Corp PLC has a 1 year low of $14.60 and a 1 year high of $20.29. The company has a quick ratio of 1.75, a current ratio of 2.47 and a debt-to-equity ratio of 1.36. The company has a market cap of $5.54 billion and a P/E ratio of 19.84.
Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, August 1st. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.07. The firm had revenue of $875.10 million for the quarter, compared to analyst estimates of $860.95 million. Research analysts anticipate that Gates Industrial Corp PLC will post 1.18 earnings per share for the current year.
Gates Industrial 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.
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