Oppenheimer Asset Management Inc. Increases Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Oppenheimer Asset Management Inc. grew its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 7.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 77,355 shares of the company’s stock after acquiring an additional 5,411 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Gates Industrial were worth $1,591,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc boosted its holdings in shares of Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Gates Industrial in the third quarter worth approximately $67,000. Quarry LP purchased a new position in shares of Gates Industrial in the third quarter worth approximately $71,000. Finally, Covestor Ltd boosted its holdings in shares of Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after buying an additional 1,001 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on GTES. Evercore ISI raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Jefferies Financial Group raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. 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. Finally, KeyCorp increased their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Gates Industrial Price Performance

NYSE GTES opened at $20.03 on Tuesday. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 27.44 and a beta of 1.37. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 12 month low of $14.68 and a 12 month high of $23.85. The company’s 50 day moving average is $21.13 and its two-hundred day moving average is $19.87.

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 5.72% and a return on equity of 9.75%. As a group, research analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current 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.