Handelsbanken Fonder AB Has $28.23 Million Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Handelsbanken Fonder AB lifted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 10.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,372,300 shares of the company’s stock after purchasing an additional 129,700 shares during the quarter. Handelsbanken Fonder AB’s holdings in Gates Industrial were worth $28,228,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in GTES. Tectonic Advisors LLC boosted its holdings in Gates Industrial by 3.6% during the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company’s stock valued at $429,000 after purchasing an additional 724 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in shares of Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after buying an additional 814 shares in the last quarter. Covestor Ltd raised its holdings in shares of Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after buying an additional 1,001 shares in the last quarter. GAMMA Investing LLC boosted its stake in Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after buying an additional 1,130 shares in the last quarter. Finally, Fort L.P. grew its position in Gates Industrial by 9.3% in the third quarter. Fort L.P. now owns 14,423 shares of the company’s stock valued at $253,000 after acquiring an additional 1,222 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Price Performance

GTES opened at $23.30 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The stock has a market capitalization of $5.95 billion, a P/E ratio of 31.91 and a beta of 1.37. The company’s 50 day simple moving average is $21.08 and its 200-day simple moving average is $19.60. Gates Industrial Corp PLC has a one year low of $13.37 and a one year high of $23.85.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GTES has been the subject of a number of analyst reports. Jefferies Financial Group lifted their price objective 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 lifted their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Citigroup reduced their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. 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. Finally, KeyCorp boosted their target price on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average price target of $23.90.

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.