Confluence Investment Management LLC boosted its stake in Gates Industrial Corp PLC (NYSE:GTES) by 102.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 443,359 shares of the company’s stock after purchasing an additional 223,877 shares during the period. Confluence Investment Management LLC’s holdings in Gates Industrial were worth $8,646,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of GTES. Cubist Systematic Strategies LLC acquired a new stake in Gates Industrial in the 1st quarter valued at approximately $180,000. Teacher Retirement System of Texas acquired a new position in shares of Gates Industrial in the second quarter worth $191,000. PNC Financial Services Group Inc. grew its stake in shares of Gates Industrial by 46,566.7% in the second quarter. PNC Financial Services Group Inc. now owns 12,600 shares of the company’s stock worth $206,000 after acquiring an additional 12,573 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of Gates Industrial in the second quarter worth $231,000. Finally, CIBC Asset Management Inc acquired a new position in shares of Gates Industrial in the second quarter worth $299,000.
GTES has been the subject of several research reports. Morgan Stanley dropped their price target on shares of Gates Industrial from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, August 2nd. Royal Bank of Canada restated a “buy” rating and issued a $21.00 price target on shares of Gates Industrial in a research note on Thursday, August 2nd. Finally, Zacks Investment Research downgraded shares of Gates Industrial from a “buy” rating to a “hold” rating in a research note on Wednesday, July 11th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $21.22.
Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, August 1st. The company reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.07. The business had revenue of $875.10 million during the quarter, compared to analyst estimates of $860.95 million. Equities analysts anticipate that Gates Industrial Corp PLC will post 1.18 EPS 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.
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