PNC Financial Services Group Inc. Has $353,000 Position in Gates Industrial Corp PLC (NYSE:GTES)

PNC Financial Services Group Inc. grew its position in Gates Industrial Corp PLC (NYSE:GTES) by 69.3% during the 4th quarter, HoldingsChannel reports. The firm owned 17,185 shares of the company’s stock after purchasing an additional 7,036 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Gates Industrial were worth $353,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Assetmark Inc. increased its position in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after acquiring an additional 1,514 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after acquiring an additional 1,598 shares in the last quarter. SRS Capital Advisors Inc. increased its position in shares of Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares in the last quarter. Quarry LP bought a new stake in shares of Gates Industrial during the third quarter worth $71,000. Finally, KBC Group NV increased its position in shares of Gates Industrial by 35.1% during the third quarter. KBC Group NV now owns 5,646 shares of the company’s stock worth $99,000 after acquiring an additional 1,468 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on GTES. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Barclays cut their target price on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Evercore ISI boosted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. Finally, The Goldman Sachs Group decreased their price target on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $24.11.

Insider Transactions at Gates Industrial

In related news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

GTES opened at $19.66 on Friday. The company has a market capitalization of $5.02 billion, a price-to-earnings ratio of 26.94 and a beta of 1.33. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average price of $20.85 and a 200-day moving average price of $20.02. Gates Industrial Corp PLC has a twelve month low of $15.14 and a twelve month high of $23.85.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

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.