First Trust Advisors LP Cuts Holdings in Gates Industrial Corp PLC (NYSE:GTES)

First Trust Advisors LP decreased its position in Gates Industrial Corp PLC (NYSE:GTES) by 22.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,104,763 shares of the company’s stock after selling 320,711 shares during the period. First Trust Advisors LP’s holdings in Gates Industrial were worth $22,725,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. GeoWealth Management LLC grew its holdings in shares of Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after acquiring an additional 789 shares in the last quarter. Assetmark Inc. grew its stake in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in shares of Gates Industrial during the 4th quarter valued at $43,000. Versant Capital Management Inc raised its stake in shares of Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after purchasing an additional 1,598 shares during the period. Finally, SRS Capital Advisors Inc. boosted its holdings in shares of Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after buying an additional 724 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Insider Activity at Gates Industrial

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

Gates Industrial Stock Down 0.3 %

Shares of NYSE GTES opened at $17.95 on Friday. 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 company has a market cap of $4.63 billion, a P/E ratio of 24.59 and a beta of 1.24. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85. The business has a 50-day simple moving average of $18.92 and a two-hundred day simple moving average of $20.08.

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

Wall Street Analysts Forecast Growth

Several analysts have commented on GTES shares. The Goldman Sachs Group lowered their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. KeyCorp dropped their price objective on Gates Industrial from $27.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Barclays decreased their target price on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Royal Bank of Canada upped their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, Evercore ISI lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.67.

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.