Paradice Investment Management LLC Cuts Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Paradice Investment Management LLC cut its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 6.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,708,608 shares of the company's stock after selling 122,440 shares during the quarter. Gates Industrial makes up 7.0% of Paradice Investment Management LLC's portfolio, making the stock its 3rd largest position. Paradice Investment Management LLC owned 0.67% of Gates Industrial worth $35,146,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Venturi Wealth Management LLC increased its stake in shares of Gates Industrial by 180.6% in the fourth quarter. Venturi Wealth Management LLC now owns 8,640 shares of the company's stock valued at $178,000 after buying an additional 5,561 shares in the last quarter. Truist Financial Corp increased its stake in shares of Gates Industrial by 6.6% in the fourth quarter. Truist Financial Corp now owns 282,809 shares of the company's stock valued at $5,817,000 after buying an additional 17,632 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Gates Industrial by 3.3% in the fourth quarter. Principal Financial Group Inc. now owns 1,099,104 shares of the company's stock valued at $22,609,000 after buying an additional 35,266 shares in the last quarter. Principal Securities Inc. increased its stake in shares of Gates Industrial by 30.4% in the fourth quarter. Principal Securities Inc. now owns 11,426 shares of the company's stock valued at $235,000 after buying an additional 2,665 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Gates Industrial by 4.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock valued at $317,461,000 after buying an additional 616,687 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Trading Down 4.4 %

GTES traded down $1.03 during midday trading on Friday, reaching $22.29. 2,547,247 shares of the company were exchanged, compared to its average volume of 2,365,716. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. Gates Industrial Corp PLC has a one year low of $14.14 and a one year high of $23.85. The stock has a market capitalization of $5.69 billion, a P/E ratio of 30.53 and a beta of 1.37. The stock's 50-day simple moving average is $21.09 and its 200 day simple moving average is $19.64.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its 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%. As a group, analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on GTES shares. Citigroup lowered their target price on Gates Industrial from $27.00 to $24.00 and set a "buy" rating for the company in a research note on Monday, January 13th. Barclays raised their price target on Gates Industrial from $25.00 to $27.00 and gave the company an "overweight" rating in a report on Friday, February 14th. Jefferies Financial Group raised their price target on Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, December 6th. KeyCorp raised their price target on Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Friday, February 7th. Finally, Evercore ISI raised their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $23.90.

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.