Gates Industrial Corp PLC (NYSE:GTES) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 4.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 15,546,064 shares of the company’s stock after buying an additional 616,687 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of Gates Industrial worth $317,461,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Versant Capital Management Inc boosted its holdings in shares of Gates Industrial by 178.3% in the 4th 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 raised its position 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 worth $54,000 after buying an additional 814 shares during the period. Capital Performance Advisors LLP acquired a new position in Gates Industrial in the third quarter valued at $67,000. GAMMA Investing LLC grew its position in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after acquiring an additional 2,998 shares during the period. Finally, Quarry LP purchased a new stake in Gates Industrial during the third quarter valued at about $71,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

GTES has been the topic of several research analyst reports. The Goldman Sachs Group lifted their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Jefferies Financial Group lifted their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Citigroup decreased their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Royal Bank of Canada raised their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Finally, KeyCorp upped their price target 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 research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $23.00.

Gates Industrial Stock Down 0.9 %

GTES stock opened at $22.36 on Wednesday. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm has a 50 day simple moving average of $21.02 and a 200-day simple moving average of $19.38. The company has a market capitalization of $5.70 billion, a P/E ratio of 30.63 and a beta of 1.37. Gates Industrial Corp PLC has a twelve month low of $12.41 and a twelve month high of $23.34.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. On average, equities research analysts predict that Gates Industrial Corp PLC will post 1.4 earnings per share for the current fiscal 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.