Zimmer Partners LP Lowers Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Zimmer Partners LP trimmed its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 38.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,593,452 shares of the company’s stock after selling 1,620,000 shares during the period. Gates Industrial makes up approximately 0.9% of Zimmer Partners LP’s holdings, making the stock its 28th largest position. Zimmer Partners LP owned approximately 1.02% of Gates Industrial worth $53,347,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in GTES. GeoWealth Management LLC lifted its holdings in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after purchasing an additional 789 shares during the last quarter. Assetmark Inc. lifted its holdings 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 valued at $32,000 after purchasing an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Gates Industrial during the fourth quarter valued at approximately $43,000. SRS Capital Advisors Inc. lifted its holdings 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 valued at $54,000 after purchasing an additional 724 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in shares of Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after purchasing an additional 567 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

Shares of GTES opened at $21.87 on Tuesday. The firm has a market cap of $5.64 billion, a PE ratio of 29.96 and a beta of 1.23. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The firm has a fifty day simple moving average of $18.81 and a two-hundred day simple moving average of $20.34. Gates Industrial Corp PLC has a 1-year low of $14.70 and a 1-year high of $23.85.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. On average, equities analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Citigroup lowered their target price on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a report on Monday, April 14th. Evercore ISI boosted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. The Goldman Sachs Group decreased their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Finally, Morgan Stanley decreased their price objective on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and an average target price 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.