US Bancorp DE Lowers Position in Gates Industrial Corp PLC (NYSE:GTES)

US Bancorp DE trimmed its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 1.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,956 shares of the company’s stock after selling 905 shares during the quarter. US Bancorp DE’s holdings in Gates Industrial were worth $1,028,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock valued at $317,461,000 after buying an additional 616,687 shares during the period. FMR LLC grew its position in shares of Gates Industrial by 4.5% during the 3rd quarter. FMR LLC now owns 13,059,271 shares of the company’s stock valued at $229,190,000 after acquiring an additional 562,643 shares during the period. State Street Corp increased its stake in shares of Gates Industrial by 112.9% in the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after purchasing an additional 3,459,450 shares in the last quarter. Jennison Associates LLC raised its holdings in Gates Industrial by 31.5% in the 4th 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, GW&K Investment Management LLC boosted its position in Gates Industrial by 25.8% during the fourth quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company’s stock worth $105,017,000 after purchasing an additional 1,047,946 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GTES. KeyCorp upped their target price on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Jefferies Financial Group upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock 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 on the stock in a report on Monday, January 13th. The Goldman Sachs Group boosted their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Finally, Barclays raised their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and an average target price of $24.33.

Gates Industrial Stock Performance

GTES opened at $19.87 on Monday. The firm has a market capitalization of $5.07 billion, a PE ratio of 27.22 and a beta of 1.33. 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 twelve month low of $15.14 and a twelve month high of $23.85. The firm’s 50-day moving average price is $21.05 and its 200 day moving average price is $19.95.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, sell-side analysts expect that Gates Industrial Corp PLC will post 1.36 EPS 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.