New York State Teachers Retirement System Sells 17,622 Shares of Gates Industrial Corp PLC (NYSE:GTES)

New York State Teachers Retirement System cut its stake in Gates Industrial Corp PLC (NYSE:GTES) by 18.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 77,601 shares of the company’s stock after selling 17,622 shares during the period. New York State Teachers Retirement System’s holdings in Gates Industrial were worth $1,596,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in Gates Industrial by 4.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock valued at $317,461,000 after acquiring an additional 616,687 shares during the period. FMR LLC boosted its position in Gates Industrial by 4.5% in the third quarter. FMR LLC now owns 13,059,271 shares of the company’s stock valued at $229,190,000 after buying an additional 562,643 shares in the last quarter. State Street Corp boosted its position in Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after buying an additional 3,459,450 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Gates Industrial by 31.5% during the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock worth $109,038,000 after purchasing an additional 1,268,716 shares during the period. Finally, Zimmer Partners LP raised its stake in Gates Industrial by 141.2% during the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after buying an additional 2,466,543 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on GTES shares. KeyCorp lifted their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Jefferies Financial Group lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Royal Bank of Canada upped their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Barclays lifted their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Finally, Citigroup cut their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Gates Industrial Stock Performance

Gates Industrial stock opened at $22.29 on Friday. The stock’s 50 day moving average is $21.09 and its 200 day moving average is $19.67. The company has a market capitalization of $5.69 billion, a P/E ratio of 30.53 and a beta of 1.37. Gates Industrial Corp PLC has a twelve month low of $14.14 and a twelve month high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

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