Jupiter Asset Management Ltd. Has $18.72 Million Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Jupiter Asset Management Ltd. increased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 32.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,183,957 shares of the company’s stock after buying an additional 291,263 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Gates Industrial were worth $18,718,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Swiss National Bank raised its position in shares of Gates Industrial by 18.4% during the first quarter. Swiss National Bank now owns 339,000 shares of the company’s stock worth $6,004,000 after purchasing an additional 52,800 shares during the period. Park Avenue Securities LLC grew its position in Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock valued at $1,043,000 after purchasing an additional 41,762 shares during the period. First Hawaiian Bank bought a new stake in Gates Industrial during the 2nd quarter valued at $520,000. Jennison Associates LLC acquired a new position in Gates Industrial during the first quarter worth $15,791,000. Finally, Acadian Asset Management LLC lifted its stake in shares of Gates Industrial by 799.6% in the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock valued at $585,000 after buying an additional 29,394 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

GTES opened at $16.94 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11. The firm has a market cap of $4.43 billion, a P/E ratio of 18.61 and a beta of 1.41. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $19.07. The firm has a 50-day moving average of $17.01 and a 200 day moving average of $16.84.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. The company had revenue of $885.50 million during the quarter, compared to the consensus estimate of $893.00 million. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. On average, research analysts expect that Gates Industrial Corp PLC will post 1.22 EPS for the current year.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now owns 6,000 shares in the company, valued at $100,800. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

GTES has been the subject of several recent research reports. Morgan Stanley assumed coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. Evercore ISI boosted their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group upped their price target on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Barclays dropped their price objective on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.40.

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.