Allspring Global Investments Holdings LLC Increases Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Allspring Global Investments Holdings LLC raised its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 4.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,546,064 shares of the company’s stock after acquiring an additional 616,687 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 6.10% of Gates Industrial worth $317,461,000 as of its most recent filing with the SEC.

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

Gates Industrial Trading Down 0.9 %

Shares of GTES opened at $22.36 on Wednesday. Gates Industrial Corp PLC has a twelve month low of $12.41 and a twelve month high of $23.34. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $5.70 billion, a P/E ratio of 30.63 and a beta of 1.37. The firm’s 50-day moving average is $21.02 and its two-hundred day moving average is $19.38.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results 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 9.65% and a net margin of 5.72%. On average, research analysts predict that Gates Industrial Corp PLC will post 1.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on GTES. Citigroup reduced their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. KeyCorp upped their price target 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 lifted their price objective 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 boosted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Finally, The Goldman Sachs Group raised 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. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

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.