Amalgamated Bank Has $1.46 Million Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Amalgamated Bank raised its position in Gates Industrial Corp PLC (NYSE:GTES) by 1.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 70,711 shares of the company’s stock after acquiring an additional 1,047 shares during the period. Amalgamated Bank’s holdings in Gates Industrial were worth $1,455,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after purchasing an additional 3,459,450 shares during the last quarter. Zimmer Partners LP lifted its holdings in shares of Gates Industrial by 141.2% in the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock valued at $73,946,000 after purchasing an additional 2,466,543 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Gates Industrial by 138.0% during the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock valued at $68,159,000 after buying an additional 2,220,277 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Gates Industrial by 101.0% during the fourth quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company’s stock worth $55,935,000 after buying an additional 1,366,431 shares in the last quarter. Finally, Jennison Associates LLC grew its holdings in Gates Industrial by 31.5% during the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock worth $109,038,000 after buying an additional 1,268,716 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. The Goldman Sachs Group upped their target price 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. Evercore ISI increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Royal Bank of Canada boosted their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Jefferies Financial Group increased their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, KeyCorp boosted their price objective on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus target price of $23.90.

Gates Industrial Stock Up 1.7 %

GTES stock opened at $21.66 on Monday. The business’s 50-day moving average is $21.13 and its two-hundred day moving average is $19.87. Gates Industrial Corp PLC has a fifty-two week low of $14.61 and a fifty-two week high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company has a market cap of $5.53 billion, a price-to-earnings ratio of 29.66 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, analysts forecast 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.