EVR Research LP decreased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 47.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 480,000 shares of the company's stock after selling 440,000 shares during the period. Gates Industrial comprises about 3.3% of EVR Research LP's investment portfolio, making the stock its 14th biggest holding. EVR Research LP owned about 0.19% of Gates Industrial worth $9,874,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of GTES. FMR LLC lifted its holdings in Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after buying an additional 6,383,165 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Gates Industrial by 4.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock valued at $317,461,000 after acquiring an additional 616,687 shares in the last quarter. Invesco Ltd. raised its position in shares of Gates Industrial by 2.3% during the 4th quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock valued at $152,354,000 after acquiring an additional 168,328 shares in the last quarter. State Street Corp lifted its stake in Gates Industrial by 112.9% during 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. Finally, Jennison Associates LLC boosted its holdings in Gates Industrial by 31.5% in the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock worth $109,038,000 after purchasing an additional 1,268,716 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.
Gates Industrial Stock Performance
Shares of NYSE GTES traded down $0.12 during midday trading on Tuesday, hitting $17.27. 1,336,090 shares of the company's stock were exchanged, compared to its average volume of 2,973,998. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The firm has a market cap of $4.41 billion, a P/E ratio of 23.65 and a beta of 1.24. The stock's 50 day moving average price is $19.79 and its 200-day moving average price is $20.11.
Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Equities research analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.
Analyst Ratings Changes
A number of analysts have weighed in on the stock. The Goldman Sachs Group dropped their target price on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Citigroup dropped their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday. Evercore ISI lifted their target price 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. KeyCorp dropped their price target on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Royal Bank of Canada boosted their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Gates Industrial has an average rating of "Moderate Buy" and a consensus price target of $22.67.
Check Out Our Latest Research Report on GTES
Insider Buying and Selling at Gates Industrial
In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm's stock in a transaction on Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.
Gates Industrial Profile
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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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