Proficio Capital Partners LLC Invests $529,000 in Gates Industrial Corp PLC (NYSE:GTES)

Proficio Capital Partners LLC bought a new position in Gates Industrial Corp PLC (NYSE:GTES) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 25,713 shares of the company’s stock, valued at approximately $529,000.

Other institutional investors have also recently made changes to their positions in the company. Mutual of America Capital Management LLC bought a new position in Gates Industrial during the third quarter valued at about $597,000. Jennison Associates LLC grew its position in Gates Industrial by 45.9% during the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after buying an additional 1,268,407 shares during the period. Foundry Partners LLC bought a new position in Gates Industrial during the third quarter valued at about $4,247,000. Verition Fund Management LLC grew its position in Gates Industrial by 322.7% during the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock valued at $6,660,000 after buying an additional 289,722 shares during the period. Finally, Victory Capital Management Inc. grew its position in Gates Industrial by 20.1% during the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company’s stock valued at $19,154,000 after buying an additional 182,307 shares during the period. Institutional investors own 98.50% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Jefferies Financial Group increased 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. Royal Bank of Canada increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. 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. 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 research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.33.

Gates Industrial Trading Down 0.4 %

Shares of GTES opened at $19.87 on Monday. The firm’s 50 day simple moving average is $21.05 and its 200 day simple moving average is $19.95. The company has a market capitalization of $5.07 billion, a P/E ratio of 27.22 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. 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 results on Thursday, February 13th. The company reported $0.33 EPS 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 forecast that Gates Industrial Corp PLC will post 1.36 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.