Teacher Retirement System of Texas Purchases 73,406 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Teacher Retirement System of Texas grew its position in Gates Industrial Corp PLC (NYSE:GTES) by 96.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 149,465 shares of the company’s stock after acquiring an additional 73,406 shares during the quarter. Teacher Retirement System of Texas owned 0.06% of Gates Industrial worth $3,074,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Mutual of America Capital Management LLC acquired a new stake in Gates Industrial during the third quarter worth $597,000. Swiss National Bank boosted its position in shares of Gates Industrial by 4.7% during the 3rd quarter. Swiss National Bank now owns 408,200 shares of the company’s stock valued at $7,164,000 after acquiring an additional 18,500 shares in the last quarter. Pathstone Holdings LLC increased its stake in Gates Industrial by 39.2% in the third quarter. Pathstone Holdings LLC now owns 81,708 shares of the company’s stock valued at $1,434,000 after acquiring an additional 23,005 shares during the period. Charles Schwab Investment Management Inc. raised its position in Gates Industrial by 22.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,331,110 shares of the company’s stock worth $40,911,000 after purchasing an additional 428,297 shares in the last quarter. Finally, Citigroup Inc. lifted its stake in Gates Industrial by 38.4% during the third quarter. Citigroup Inc. now owns 245,335 shares of the company’s stock worth $4,306,000 after purchasing an additional 68,130 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on GTES. Royal Bank of Canada upped their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp increased their price objective on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Citigroup reduced their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Jefferies Financial Group increased their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Barclays reduced their price target on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.11.

Insider Activity

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by company insiders.

Gates Industrial Trading Up 0.1 %

Shares of GTES opened at $20.07 on Wednesday. The stock’s fifty day simple moving average is $20.83 and its 200-day simple moving average is $20.12. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $5.13 billion, a PE ratio of 27.49 and a beta of 1.33. Gates Industrial Corp PLC has a 12-month low of $15.14 and a 12-month high of $23.85.

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 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, research analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

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.