Aigen Investment Management LP Makes New Investment in Gates Industrial Corporation PLC (NYSE:GTES)

Aigen Investment Management LP purchased a new position in shares of Gates Industrial Corporation PLC (NYSE:GTES) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 11,806 shares of the company’s stock, valued at approximately $217,000.

Other hedge funds also recently bought and sold shares of the company. Watchtower Advisors LP acquired a new position in shares of Gates Industrial during the first quarter valued at approximately $1,979,000. Swiss National Bank raised its holdings in shares of Gates Industrial by 3.9% during the first quarter. Swiss National Bank now owns 493,500 shares of the company’s stock valued at $9,085,000 after acquiring an additional 18,700 shares during the last quarter. CenterBook Partners LP acquired a new position in shares of Gates Industrial during the first quarter valued at approximately $1,665,000. PNC Financial Services Group Inc. raised its holdings in shares of Gates Industrial by 89.9% during the first quarter. PNC Financial Services Group Inc. now owns 32,629 shares of the company’s stock valued at $601,000 after acquiring an additional 15,444 shares during the last quarter. Finally, XTX Topco Ltd raised its holdings in shares of Gates Industrial by 42.4% during the first quarter. XTX Topco Ltd now owns 36,158 shares of the company’s stock valued at $666,000 after acquiring an additional 10,762 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

GTES has been the subject of a number of research analyst reports. Citigroup increased their target price on Gates Industrial from $22.00 to $29.00 and gave the company a “buy” rating in a report on Monday, July 14th. UBS Group increased their price target on Gates Industrial from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Barclays reaffirmed an “overweight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. The Goldman Sachs Group increased their price target on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Finally, Wall Street Zen raised Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 12th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.67.

Gates Industrial Trading Down 3.2%

GTES opened at $24.52 on Friday. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $25.66. The business has a fifty day simple moving average of $23.69 and a 200-day simple moving average of $21.26. The firm has a market cap of $6.31 billion, a P/E ratio of 31.43 and a beta of 1.24. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66.

Gates Industrial (NYSE:GTES) last released its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $883.70 million during the quarter, compared to analyst estimates of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%. Gates Industrial’s revenue was down .2% compared to the same quarter last year. During the same period last year, the business posted $0.36 earnings per share. On average, equities analysts expect that Gates Industrial Corporation 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.