Victory Capital Management Inc. Buys Shares of 11,029 Gates Industrial Corp PLC (NYSE:GTES)

Victory Capital Management Inc. bought a new stake in Gates Industrial Corp PLC (NYSE:GTES) during the second quarter, Holdings Channel.com reports. The institutional investor bought 11,029 shares of the company’s stock, valued at approximately $199,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its position in Gates Industrial by 22.8% in the first quarter. JPMorgan Chase & Co. now owns 4,987,668 shares of the company’s stock valued at $79,753,000 after buying an additional 925,156 shares during the last quarter. BlackRock Inc. increased its stake in Gates Industrial by 81.2% during the first quarter. BlackRock Inc. now owns 3,761,692 shares of the company’s stock worth $60,148,000 after purchasing an additional 1,686,263 shares during the period. GW&K Investment Management LLC purchased a new stake in Gates Industrial during the first quarter worth about $54,893,000. Lazard Asset Management LLC increased its stake in Gates Industrial by 175,972.5% during the first quarter. Lazard Asset Management LLC now owns 3,035,490 shares of the company’s stock worth $48,537,000 after purchasing an additional 3,033,766 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Gates Industrial by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,474,939 shares of the company’s stock worth $23,585,000 after buying an additional 50,048 shares during the period.

Gates Industrial stock opened at $15.83 on Tuesday. Gates Industrial Corp PLC has a one year low of $10.58 and a one year high of $18.94. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.82 and a current ratio of 2.52. The business has a fifty day moving average of $17.12 and a two-hundred day moving average of $17.21. The company has a market cap of $4.59 billion, a P/E ratio of 20.30 and a beta of 1.81.

Gates Industrial (NYSE:GTES) last released its earnings results on Sunday, August 8th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. Gates Industrial had a return on equity of 11.21% and a net margin of 6.98%. The company had revenue of $915.10 million during the quarter, compared to the consensus estimate of $907.86 million. During the same quarter last year, the company earned $0.03 earnings per share. Gates Industrial’s quarterly revenue was up 58.7% compared to the same quarter last year. Sell-side analysts predict that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

In related news, major shareholder Blackstone Inc sold 28,750,000 shares of Gates Industrial stock in a transaction dated Monday, August 16th. The stock was sold at an average price of $15.36, for a total transaction of $441,600,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.76% of the company’s stock.

A number of analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Gates Industrial from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Wednesday, August 11th. Credit Suisse Group increased their price objective on Gates Industrial from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Tuesday, August 10th. Evercore ISI initiated coverage on Gates Industrial in a report on Friday, September 3rd. They issued an “outperform” rating and a $23.00 price objective for the company. Robert W. Baird reissued a “buy” rating on shares of Gates Industrial in a report on Wednesday, August 25th. Finally, TheStreet downgraded Gates Industrial from a “b” rating to a “c+” rating in a report on Monday, September 13th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Buy” and a consensus price target of $21.45.

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.

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

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