Signaturefd LLC Lowers Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Signaturefd LLC decreased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 57.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,268 shares of the company’s stock after selling 3,091 shares during the period. Signaturefd LLC’s holdings in Gates Industrial were worth $30,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Gates Industrial by 12.4% during the third quarter. Vanguard Group Inc. now owns 13,810,748 shares of the company’s stock valued at $160,343,000 after purchasing an additional 1,520,338 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Gates Industrial by 28.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 12,300,192 shares of the company’s stock worth $165,069,000 after buying an additional 2,697,624 shares during the period. Cooke & Bieler LP increased its holdings in shares of Gates Industrial by 7.9% in the fourth quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company’s stock worth $109,427,000 after buying an additional 594,559 shares during the period. American Century Companies Inc. lifted its stake in shares of Gates Industrial by 8.9% in the 3rd quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock valued at $88,265,000 after acquiring an additional 620,131 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Gates Industrial by 105.5% during the 3rd quarter. AQR Capital Management LLC now owns 7,044,308 shares of the company’s stock valued at $81,784,000 after acquiring an additional 3,617,020 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Activity at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the completion of the sale, the insider now owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the completion of the sale, the insider now owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wilson S. Neely bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the acquisition, the director now directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders bought 1,030,492 shares of company stock valued at $12,582,402 over the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $16.18 on Friday. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $17.99. The company has a 50 day simple moving average of $16.88 and a two-hundred day simple moving average of $14.02. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 17.78 and a beta of 1.54. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.25 and a current ratio of 3.08.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. Gates Industrial had a net margin of 6.97% and a return on equity of 10.56%. The business had revenue of $863.30 million during the quarter, compared to the consensus estimate of $892.40 million. Analysts expect that Gates Industrial Corp PLC will post 1.32 EPS for the current fiscal year.

Analysts Set New Price Targets

GTES has been the topic of several recent analyst reports. The Goldman Sachs Group raised their target price on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Robert W. Baird increased their target price on shares of Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday. Citigroup raised their target price on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Finally, Jefferies Financial Group initiated coverage on Gates Industrial in a research report on Thursday, February 29th. They set a “buy” rating and a $21.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.78.

Gates Industrial 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.