Alliancebernstein L.P. reduced its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 16.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,369,545 shares of the company's stock after selling 1,242,218 shares during the period. Alliancebernstein L.P. owned about 2.50% of Gates Industrial worth $131,022,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. United Services Automobile Association lifted its holdings in shares of Gates Industrial by 4.8% during the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company's stock worth $289,000 after acquiring an additional 646 shares during the period. Tectonic Advisors LLC increased its position in Gates Industrial by 3.6% during the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company's stock worth $429,000 after purchasing an additional 724 shares during the last quarter. SRS Capital Advisors Inc. increased its position in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock worth $54,000 after purchasing an additional 724 shares during the last quarter. Amalgamated Bank raised its stake in Gates Industrial by 1.5% during the fourth quarter. Amalgamated Bank now owns 70,711 shares of the company's stock worth $1,455,000 after purchasing an additional 1,047 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock valued at $103,000 after purchasing an additional 1,130 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the business's stock in a transaction on Friday, March 7th. The shares were bought at an average cost 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. This trade represents a 46.71 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is currently owned by company insiders.
Gates Industrial Stock Up 1.6 %
Gates Industrial stock traded up $0.25 during midday trading on Monday, hitting $16.04. 4,666,206 shares of the company were exchanged, compared to its average volume of 2,946,995. The company has a market cap of $4.10 billion, a PE ratio of 21.97 and a beta of 1.24. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85. The company's fifty day moving average price is $20.40 and its 200-day moving average price is $20.18. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.
Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting analysts' consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, research analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on GTES shares. The Goldman Sachs Group dropped their price objective 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 dropped their price target on Gates Industrial from $26.00 to $25.00 and set an "overweight" rating for the company in a research note on Wednesday, March 26th. Evercore ISI lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Royal Bank of Canada increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Finally, Citigroup cut their price target on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Gates Industrial has an average rating of "Moderate Buy" and a consensus target price of $24.00.
Check Out Our Latest Research Report on Gates Industrial
Gates Industrial Company Profile
(
Free Report)
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.
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