Arizona State Retirement System Has $545,000 Stake in Gates Industrial Corp PLC (NYSE:GTES)

Arizona State Retirement System lowered its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 9.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,603 shares of the company’s stock after selling 4,033 shares during the period. Arizona State Retirement System’s holdings in Gates Industrial were worth $545,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in GTES. Raymond James & Associates grew its position in Gates Industrial by 4.6% in the first quarter. Raymond James & Associates now owns 269,329 shares of the company’s stock valued at $4,056,000 after purchasing an additional 11,792 shares in the last quarter. US Bancorp DE grew its position in Gates Industrial by 8.9% in the first quarter. US Bancorp DE now owns 36,855 shares of the company’s stock valued at $556,000 after purchasing an additional 3,003 shares in the last quarter. Citigroup Inc. grew its position in shares of Gates Industrial by 2,781.5% in the 1st quarter. Citigroup Inc. now owns 231,070 shares of the company’s stock valued at $3,480,000 after acquiring an additional 223,051 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Gates Industrial by 221.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 12,072 shares of the company’s stock valued at $182,000 after acquiring an additional 8,315 shares during the period. Finally, Natixis Advisors L.P. grew its position in shares of Gates Industrial by 2.3% in the 1st quarter. Natixis Advisors L.P. now owns 80,101 shares of the company’s stock valued at $1,206,000 after acquiring an additional 1,793 shares during the period. Institutional investors own 98.50% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on GTES. Wolfe Research raised shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a research report on Friday, March 8th. KeyCorp raised shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Thursday, February 22nd. Evercore ISI lifted their price objective on shares of Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Jefferies Financial Group assumed coverage on shares of Gates Industrial in a research report on Thursday, February 29th. They issued a “buy” rating and a $21.00 price objective for the company. Finally, Citigroup lifted their target price on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.00.

Insiders Place Their Bets

In other news, Director Wilson S. Neely bought 10,000 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was bought at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the transaction, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Ivo Jurek bought 20,492 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was bought at an average cost of $12.20 per share, for a total transaction of $250,002.40. Following the transaction, the chief executive officer now owns 626,088 shares of the company’s stock, valued at $7,638,273.60. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Wilson S. Neely bought 10,000 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was purchased at an average price of $13.24 per share, with a total value of $132,400.00. Following the completion of the transaction, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders acquired 1,030,492 shares of company stock worth $12,582,402 in the last quarter. 2.30% of the stock is currently owned by corporate insiders.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $17.20 on Friday. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $17.86. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70. The company has a 50-day simple moving average of $16.14 and a two-hundred day simple moving average of $13.62. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 20.23 and a beta of 1.57.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.10. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. The business had revenue of $863.30 million during the quarter, compared to analysts’ expectations of $892.40 million. Analysts forecast that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

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.