Gates Industrial Corp PLC (NYSE:GTES) Stake Reduced by Covestor Ltd

Covestor Ltd decreased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 10.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 6,352 shares of the company’s stock after selling 734 shares during the period. Covestor Ltd’s holdings in Gates Industrial were worth $113,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in GTES. Vanguard Group Inc. boosted its holdings in Gates Industrial by 12.4% during the third quarter. Vanguard Group Inc. now owns 13,810,748 shares of the company’s stock worth $160,343,000 after buying an additional 1,520,338 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Gates Industrial by 796.0% during the 4th quarter. SG Americas Securities LLC now owns 88,480 shares of the company’s stock worth $1,187,000 after acquiring an additional 78,605 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Gates Industrial by 22.5% in the 4th quarter. Raymond James & Associates now owns 199,938 shares of the company’s stock worth $2,683,000 after acquiring an additional 36,672 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of Gates Industrial by 20.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,613,276 shares of the company’s stock worth $48,490,000 after purchasing an additional 624,517 shares during the period. Finally, Sendero Wealth Management LLC lifted its holdings in shares of Gates Industrial by 40.1% during the fourth quarter. Sendero Wealth Management LLC now owns 36,754 shares of the company’s stock valued at $493,000 after purchasing an additional 10,528 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Activity at Gates Industrial

In other Gates Industrial news, major shareholder Blackstone Inc. sold 20,125,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total transaction of $328,641,250.00. Following the transaction, the insider now directly owns 77,326 shares in the company, valued at $1,262,733.58. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GTES shares. Robert W. Baird lifted their price target on Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. The Goldman Sachs Group raised their price objective on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Barclays dropped their target price on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. Finally, Citigroup raised their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.13.

Gates Industrial Stock Down 0.4 %

GTES stock traded down $0.07 during mid-day trading on Tuesday, hitting $17.48. The stock had a trading volume of 919,727 shares, compared to its average volume of 3,108,312. The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of 19.30 and a beta of 1.44. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. Gates Industrial Corp PLC has a 1-year low of $10.68 and a 1-year high of $17.99. The company has a fifty day moving average of $16.56 and a 200 day moving average of $15.83.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. The firm had revenue of $862.60 million for the quarter, compared to analyst estimates of $866.00 million. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. On average, equities analysts expect that Gates Industrial Corp PLC will post 1.27 EPS for the current fiscal year.

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.