Channing Capital Management LLC Has $85.30 Million Stake in Gates Industrial Corp PLC (NYSE:GTES)

Channing Capital Management LLC grew its position in Gates Industrial Corp PLC (NYSE:GTES) by 6.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 4,146,803 shares of the company’s stock after purchasing an additional 238,676 shares during the quarter. Gates Industrial comprises 2.3% of Channing Capital Management LLC’s portfolio, making the stock its 13th biggest holding. Channing Capital Management LLC’s holdings in Gates Industrial were worth $85,300,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Assetmark Inc. increased its stake in Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after acquiring an additional 1,514 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares in the last quarter. Venturi Wealth Management LLC increased its stake 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 valued at $54,000 after purchasing an additional 814 shares during the last quarter. SRS Capital Advisors Inc. raised its holdings in shares of Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after buying an additional 724 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Gates Industrial during the 3rd quarter worth $71,000. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Trading Down 4.4 %

Shares of NYSE GTES opened at $18.97 on Tuesday. The firm has a 50 day moving average price of $21.05 and a two-hundred day moving average price of $19.95. The stock has a market cap of $4.84 billion, a P/E ratio of 25.98 and a beta of 1.33. Gates Industrial Corp PLC has a 52-week low of $15.14 and a 52-week high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share 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, equities analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GTES. Barclays reduced their price objective on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday. KeyCorp raised 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 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. The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Finally, Royal Bank of Canada boosted their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Gates Industrial presently has an average rating of “Moderate Buy” and an average target price of $24.22.

About Gates Industrial

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.