Brown Miller Wealth Management LLC Invests $207,000 in Gates Industrial Corp PLC (NYSE:GTES)

Brown Miller Wealth Management LLC bought a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 11,246 shares of the company’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. GeoWealth Management LLC lifted its holdings in Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the last quarter. Assetmark Inc. lifted its holdings in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Gates Industrial during the 4th quarter worth approximately $43,000. SRS Capital Advisors Inc. lifted its holdings in Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after purchasing an additional 567 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Up 1.8%

GTES stock opened at $22.09 on Tuesday. The stock’s 50 day simple moving average is $20.02 and its 200 day simple moving average is $20.38. Gates Industrial Corp PLC has a fifty-two week low of $14.70 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 $5.69 billion, a P/E ratio of 30.26 and a beta of 1.21.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The firm had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. During the same period in the prior year, the business posted $0.31 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

GTES has been the subject of several research reports. Evercore ISI lifted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. Barclays lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, May 12th. KeyCorp lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Monday, June 9th. The Goldman Sachs Group lifted their price objective on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Finally, Royal Bank of Canada lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.22.

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.