Lazard Asset Management LLC Grows Stock Position in Gates Industrial Corporation PLC $GTES

Lazard Asset Management LLC increased its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 33.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 376,264 shares of the company’s stock after purchasing an additional 94,746 shares during the quarter. Lazard Asset Management LLC’s holdings in Gates Industrial were worth $8,507,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Los Angeles Capital Management LLC acquired a new stake in Gates Industrial in the 4th quarter valued at about $26,000. Transamerica Financial Advisors LLC boosted its stake in shares of Gates Industrial by 51.9% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,577 shares of the company’s stock valued at $34,000 after buying an additional 539 shares during the period. Fifth Third Bancorp grew its position in shares of Gates Industrial by 46.3% during the first quarter. Fifth Third Bancorp now owns 1,624 shares of the company’s stock worth $37,000 after buying an additional 514 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Gates Industrial by 37.7% during the first quarter. Parallel Advisors LLC now owns 2,536 shares of the company’s stock worth $57,000 after buying an additional 694 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Gates Industrial by 273.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company’s stock worth $67,000 after buying an additional 2,131 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Trading Up 3.4%

NYSE:GTES opened at $25.77 on Friday. Gates Industrial Corporation PLC has a 1 year low of $20.88 and a 1 year high of $29.17. The stock has a market cap of $6.54 billion, a P/E ratio of 26.84 and a beta of 1.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.66 and a current ratio of 3.67. The stock has a 50-day simple moving average of $26.63 and a 200-day simple moving average of $25.36.

Gates Industrial (NYSE:GTES) last issued its earnings results on Friday, May 1st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.03. The business had revenue of $851.10 million for the quarter, compared to analyst estimates of $859.72 million. Gates Industrial had a return on equity of 10.00% and a net margin of 7.23%.The business’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the company earned $0.36 EPS. As a group, analysts anticipate that Gates Industrial Corporation PLC will post 1.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on GTES shares. Wolfe Research reaffirmed an “outperform” rating and issued a $33.00 target price on shares of Gates Industrial in a report on Thursday, July 9th. Royal Bank Of Canada boosted their price target on shares of Gates Industrial from $30.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Robert W. Baird dropped their price objective on shares of Gates Industrial from $39.00 to $37.00 and set an “outperform” rating on the stock in a research report on Monday, May 4th. Wall Street Zen lowered shares of Gates Industrial from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, June 29th. Seven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $31.50.

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.