Rhumbline Advisers Grows Stake in Gates Industrial Corp PLC (GTES)

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Rhumbline Advisers lifted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 17.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,189 shares of the company’s stock after acquiring an additional 6,573 shares during the quarter. Rhumbline Advisers’ holdings in Gates Industrial were worth $598,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Manhattan Co. raised its stake in shares of Gates Industrial by 27.5% in the fourth quarter. First Manhattan Co. now owns 787,940 shares of the company’s stock valued at $10,432,000 after acquiring an additional 170,025 shares during the last quarter. Diversified Trust Co raised its stake in shares of Gates Industrial by 7.2% in the fourth quarter. Diversified Trust Co now owns 12,980 shares of the company’s stock valued at $172,000 after acquiring an additional 870 shares during the last quarter. Vanguard Group Inc raised its stake in shares of Gates Industrial by 2.2% in the third quarter. Vanguard Group Inc now owns 3,717,755 shares of the company’s stock valued at $72,497,000 after acquiring an additional 79,008 shares during the last quarter. Federated Investors Inc. PA raised its stake in shares of Gates Industrial by 45.7% in the third quarter. Federated Investors Inc. PA now owns 578,700 shares of the company’s stock valued at $11,285,000 after acquiring an additional 181,484 shares during the last quarter. Finally, Marshall Wace North America L.P. bought a new position in shares of Gates Industrial in the third quarter valued at approximately $1,333,000.

Several research firms recently weighed in on GTES. ValuEngine cut shares of Gates Industrial from a “hold” rating to a “sell” rating in a research report on Friday, December 21st. Morgan Stanley cut shares of Gates Industrial from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $19.00 to $15.00 in a research report on Tuesday, December 18th. Barclays dropped their price objective on shares of Gates Industrial from $19.00 to $18.00 and set an “equal weight” rating for the company in a research report on Monday, December 17th. Finally, Zacks Investment Research cut shares of Gates Industrial from a “buy” rating to a “hold” rating in a research report on Friday, February 15th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $18.40.

Shares of GTES stock opened at $15.59 on Tuesday. The stock has a market capitalization of $4.43 billion, a PE ratio of 12.18 and a beta of 1.73. The company has a current ratio of 2.67, a quick ratio of 1.88 and a debt-to-equity ratio of 1.30. Gates Industrial Corp PLC has a 52-week low of $12.19 and a 52-week high of $20.29.

Gates Industrial (NYSE:GTES) last announced its earnings results on Tuesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.09. The firm had revenue of $792.10 million for the quarter, compared to analyst estimates of $825.54 million. Gates Industrial had a net margin of 7.33% and a return on equity of 16.23%. The company’s revenue was up 1.4% on a year-over-year basis. As a group, equities analysts forecast that Gates Industrial Corp PLC will post 1.31 earnings per share for the current year.

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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.

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Institutional Ownership by Quarter for Gates Industrial (NYSE:GTES)

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