Granahan Investment Management LLC trimmed its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES – Free Report) by 7.2% during the first quarter, HoldingsChannel reports. The institutional investor owned 774,604 shares of the company’s stock after selling 60,119 shares during the quarter. Granahan Investment Management LLC’s holdings in Gates Industrial were worth $17,514,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of GTES. Los Angeles Capital Management LLC acquired a new stake in shares of Gates Industrial in the fourth quarter worth $26,000. Transamerica Financial Advisors LLC lifted its holdings in shares of Gates Industrial by 51.9% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,577 shares of the company’s stock valued at $34,000 after acquiring an additional 539 shares in the last quarter. Fifth Third Bancorp boosted its position in Gates Industrial by 46.3% during the 1st quarter. Fifth Third Bancorp now owns 1,624 shares of the company’s stock worth $37,000 after purchasing an additional 514 shares during the period. Parallel Advisors LLC boosted its position in Gates Industrial by 37.7% during the 1st quarter. Parallel Advisors LLC now owns 2,536 shares of the company’s stock worth $57,000 after purchasing an additional 694 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Gates Industrial by 273.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company’s stock valued at $67,000 after purchasing an additional 2,131 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
Gates Industrial Stock Performance
Gates Industrial stock opened at $26.89 on Friday. Gates Industrial Corporation PLC has a 12-month low of $20.88 and a 12-month high of $29.17. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.67 and a quick ratio of 2.66. The company has a market capitalization of $6.83 billion, a price-to-earnings ratio of 28.01 and a beta of 1.25. The firm’s fifty day moving average price is $26.47 and its 200 day moving average price is $25.25.
Analysts Set New Price Targets
GTES has been the topic of several research reports. Royal Bank Of Canada raised their price objective on Gates Industrial from $30.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Barclays lowered their target price on Gates Industrial from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Wall Street Zen downgraded Gates Industrial from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research report on Monday, June 29th. Finally, Morgan Stanley upped their price target on Gates Industrial from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.36.
View Our Latest Research Report on Gates Industrial
About Gates Industrial
Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.
In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.
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