Penn Capital Management Company LLC lessened its position in Gates Industrial Corporation PLC (NYSE:GTES – Free Report) by 7.7% in the 3rd quarter, Holdings Channel reports. The fund owned 774,993 shares of the company’s stock after selling 64,682 shares during the period. Gates Industrial accounts for approximately 1.5% of Penn Capital Management Company LLC’s holdings, making the stock its 18th biggest position. Penn Capital Management Company LLC’s holdings in Gates Industrial were worth $20,343,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Squarepoint Ops LLC acquired a new position in shares of Gates Industrial during the second quarter worth about $1,750,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Gates Industrial in the second quarter valued at about $1,133,000. California State Teachers Retirement System lifted its position in Gates Industrial by 24.2% in the first quarter. California State Teachers Retirement System now owns 303,123 shares of the company’s stock valued at $6,854,000 after purchasing an additional 58,990 shares during the period. Renaissance Technologies LLC lifted its position in Gates Industrial by 20.2% in the first quarter. Renaissance Technologies LLC now owns 365,100 shares of the company’s stock valued at $8,255,000 after purchasing an additional 61,400 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in Gates Industrial in the 2nd quarter valued at approximately $2,166,000. Institutional investors and hedge funds own 98.50% of the company’s stock.
Gates Industrial Price Performance
GTES stock opened at $25.38 on Tuesday. The firm has a 50 day moving average of $25.84 and a 200-day moving average of $25.80. The company has a market cap of $6.37 billion, a price-to-earnings ratio of 17.62 and a beta of 1.33. The company has a current ratio of 3.41, a quick ratio of 2.40 and a debt-to-equity ratio of 0.57. Gates Industrial Corporation PLC has a 12-month low of $20.88 and a 12-month high of $30.34.
Gates Industrial (NYSE:GTES – Get Free Report) last released its quarterly earnings results on Friday, October 30th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $903.60 million for the quarter, compared to analysts’ expectations of $904.77 million. Gates Industrial had a return on equity of 10.42% and a net margin of 10.37%. The company’s revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 EPS. As a group, equities analysts expect that Gates Industrial Corporation PLC will post 1.59 EPS for the current fiscal year.
Analyst Ratings Changes
Several equities analysts have issued reports on the company. Robert W. Baird boosted their target price on Gates Industrial from $39.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, November 2nd. Citigroup increased their target price on Gates Industrial from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Weiss Ratings cut Gates Industrial from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 23rd. JPMorgan Chase & Co. lifted their price target on Gates Industrial from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Finally, Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and an average price target of $32.18.
View Our Latest Research Report on GTES
Gates Industrial Company Profile
Gates Industrial Corporation plc designs and manufactures engineered power-transmission and fluid-power solutions. Its products include belts and related components, as well as hoses and hydraulic systems used to transfer power and fluids in equipment and vehicles.
The company serves customers across a range of industrial and mobility markets, including manufacturing, construction, agriculture, transportation and energy. Its products are used in both original-equipment applications and replacement markets.
Gates traces its history to 1911, when it was established as the Gates Rubber Company in Colorado.
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