QRG Capital Management Inc. Purchases 1,781 Shares of Gates Industrial Corp PLC (NYSE:GTES)

QRG Capital Management Inc. grew its position in Gates Industrial Corp PLC (NYSE:GTES) by 5.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 36,459 shares of the company’s stock after buying an additional 1,781 shares during the period. QRG Capital Management Inc.’s holdings in Gates Industrial were worth $750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc raised its stake in Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares during the period. Venturi Wealth Management LLC increased its holdings in shares of Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Gates Industrial in the third quarter valued at about $67,000. Quarry LP acquired a new stake in shares of Gates Industrial during the 3rd quarter worth about $71,000. Finally, Covestor Ltd boosted its holdings in shares of Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after buying an additional 1,001 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Stock Performance

GTES opened at $19.32 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. Gates Industrial Corp PLC has a 52-week low of $14.68 and a 52-week high of $23.85. The firm has a market cap of $4.93 billion, a P/E ratio of 26.46 and a beta of 1.37. The business’s fifty day moving average is $21.12 and its 200-day moving average is $19.89.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Sell-side analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. Evercore ISI increased their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Royal Bank of Canada lifted their price target on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Barclays upped their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Finally, KeyCorp lifted their target price on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Gates Industrial has an average rating of “Moderate Buy” and an average price target of $23.90.

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.