Lazard Asset Management LLC Has $7.80 Million Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Lazard Asset Management LLC lessened its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 16.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 379,000 shares of the company’s stock after selling 72,629 shares during the period. Lazard Asset Management LLC owned approximately 0.15% of Gates Industrial worth $7,796,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in GTES. Principal Financial Group Inc. grew its holdings in shares of Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after purchasing an additional 1,048,596 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Gates Industrial during the 4th quarter worth approximately $2,154,000. Park Avenue Securities LLC grew its holdings in shares of Gates Industrial by 29.1% during the 4th quarter. Park Avenue Securities LLC now owns 49,939 shares of the company’s stock worth $1,027,000 after purchasing an additional 11,251 shares in the last quarter. Kera Capital Partners Inc. acquired a new stake in shares of Gates Industrial during the 4th quarter worth approximately $205,000. Finally, Oliver Luxxe Assets LLC acquired a new stake in shares of Gates Industrial during the 4th quarter worth approximately $1,665,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Transactions at Gates Industrial

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is owned by corporate insiders.

Gates Industrial Stock Down 1.8%

NYSE:GTES opened at $22.20 on Thursday. Gates Industrial Corp PLC has a 12-month low of $14.70 and a 12-month high of $23.85. 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 market capitalization of $5.72 billion, a P/E ratio of 30.41 and a beta of 1.23. The stock’s fifty day simple moving average is $18.64 and its 200-day simple moving average is $20.26.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same period last year, the company earned $0.31 EPS. The firm’s revenue was down 1.7% on a year-over-year basis. Equities research analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group dropped their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Barclays increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday. Royal Bank of Canada increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. KeyCorp increased their price objective on Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. Finally, Morgan Stanley decreased their price objective on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and an average price target of $22.89.

Gates Industrial Company Profile

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.