Confluence Investment Management LLC Cuts Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Confluence Investment Management LLC cut its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 3.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,044,605 shares of the company's stock after selling 34,323 shares during the period. Confluence Investment Management LLC owned approximately 0.41% of Gates Industrial worth $21,488,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GTES. State Street Corp grew its holdings in shares of Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company's stock worth $114,485,000 after purchasing an additional 3,459,450 shares during the last quarter. Zimmer Partners LP grew its stake in Gates Industrial by 141.2% in the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company's stock worth $73,946,000 after acquiring an additional 2,466,543 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Gates Industrial by 138.0% during the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company's stock worth $68,159,000 after acquiring an additional 2,220,277 shares during the period. Fred Alger Management LLC grew its stake in Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock worth $42,144,000 after purchasing an additional 1,627,482 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in Gates Industrial by 45.9% during the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock worth $70,763,000 after purchasing an additional 1,268,407 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Performance

GTES stock traded down $0.15 during trading on Thursday, reaching $20.42. The company had a trading volume of 1,511,849 shares, compared to its average volume of 2,540,987. The company has a market cap of $5.20 billion, a price-to-earnings ratio of 24.60 and a beta of 1.38. Gates Industrial Corp PLC has a twelve month low of $12.40 and a twelve month high of $23.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The firm has a 50-day simple moving average of $21.07 and a 200-day simple moving average of $18.46.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GTES shares. Royal Bank of Canada increased their price target on Gates Industrial from $22.00 to $26.00 and gave the stock an "outperform" rating in a research report on Thursday, December 12th. Citigroup boosted their price target on shares of Gates Industrial from $24.00 to $27.00 and gave the company a "buy" rating in a report on Monday, December 9th. Jefferies Financial Group increased their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Morgan Stanley began coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an "equal weight" rating and a $19.00 price objective for the company. Finally, The Goldman Sachs Group increased their target price on Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a research report on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $22.80.

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.