Oppenheimer Asset Management Inc. Buys 5,411 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Oppenheimer Asset Management Inc. lifted its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 7.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 77,355 shares of the company’s stock after purchasing an additional 5,411 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Gates Industrial were worth $1,591,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GTES. Versant Capital Management Inc grew its holdings in shares of Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in shares of 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 in the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Gates Industrial in the third quarter valued at $67,000. Quarry LP purchased a new position in shares of Gates Industrial in the third quarter valued at $71,000. Finally, Covestor Ltd grew 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 purchasing an additional 1,001 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GTES has been the subject of a number of recent research reports. Barclays raised their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. The Goldman Sachs Group lifted their price objective 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. KeyCorp lifted their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Finally, Citigroup dropped their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.90.

Gates Industrial Stock Down 7.4 %

Shares of GTES opened at $20.03 on Tuesday. The firm has a market capitalization of $5.12 billion, a P/E ratio of 27.44 and a beta of 1.37. Gates Industrial Corp PLC has a 12-month low of $14.68 and a 12-month high of $23.85. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The firm has a fifty day moving average price of $21.13 and a 200-day moving average price of $19.87.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities research analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share 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.