Kestra Investment Management LLC Reduces Position in Gates Industrial Corp PLC (NYSE:GTES)

Kestra Investment Management LLC trimmed its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 46.0% during the third quarter, HoldingsChannel reports. The firm owned 16,215 shares of the company’s stock after selling 13,797 shares during the period. Kestra Investment Management LLC’s holdings in Gates Industrial were worth $285,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in GTES. Headlands Technologies LLC boosted its position in shares of Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after acquiring an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Gates Industrial in the 3rd quarter valued at approximately $67,000. GAMMA Investing LLC increased its holdings in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after buying an additional 2,998 shares during the last quarter. Finally, Covestor Ltd raised its position in shares of Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after buying an additional 1,001 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GTES. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Evercore ISI boosted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. KeyCorp increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Barclays boosted their price target on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Morgan Stanley started coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.40.

Gates Industrial Price Performance

Shares of GTES opened at $22.28 on Tuesday. The company has a market cap of $5.68 billion, a P/E ratio of 26.84 and a beta of 1.38. Gates Industrial Corp PLC has a fifty-two week low of $11.22 and a fifty-two week high of $22.48. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The firm’s 50 day moving average price is $19.42 and its 200 day moving average price is $17.78.

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.