Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by First Trust Advisors LP

First Trust Advisors LP lowered its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 22.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,104,763 shares of the company's stock after selling 320,711 shares during the quarter. First Trust Advisors LP owned about 0.43% of Gates Industrial worth $22,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in GTES. GeoWealth Management LLC raised its stake in Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after buying an additional 789 shares during the last quarter. Assetmark Inc. raised its stake in Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after buying an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in Gates Industrial in the fourth quarter valued at about $43,000. Versant Capital Management Inc raised its stake in Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock valued at $51,000 after buying an additional 1,598 shares during the last quarter. Finally, SRS Capital Advisors Inc. raised its stake in Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after buying an additional 724 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Insider Activity

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Barclays dropped their target price on Gates Industrial from $25.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. KeyCorp dropped their price objective on shares of Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Royal Bank of Canada upped their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Evercore ISI upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a report on Wednesday, February 19th. Finally, 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 report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Gates Industrial presently has an average rating of "Moderate Buy" and an average target price of $22.67.

Gates Industrial Price Performance

GTES traded down $0.20 during midday trading on Tuesday, hitting $17.85. 3,077,166 shares of the company traded hands, compared to its average volume of 2,985,674. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of 24.45 and a beta of 1.24. Gates Industrial Corp PLC has a 52-week low of $14.70 and a 52-week high of $23.85. The business has a 50 day simple moving average of $18.81 and a two-hundred day simple moving average of $20.12.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, equities analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Gates Industrial Company 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.