Brandes Investment Partners LP cut its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 24.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,586,125 shares of the company's stock after selling 512,586 shares during the quarter. Brandes Investment Partners LP owned approximately 0.62% of Gates Industrial worth $32,627,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Swiss National Bank lifted its stake in Gates Industrial by 16.3% in the fourth quarter. Swiss National Bank now owns 474,800 shares of the company's stock worth $9,767,000 after acquiring an additional 66,600 shares during the period. Burkehill Global Management LP purchased a new stake in shares of Gates Industrial during the fourth quarter valued at about $7,200,000. Avantax Advisory Services Inc. lifted its position in shares of Gates Industrial by 6.9% during the fourth quarter. Avantax Advisory Services Inc. now owns 22,540 shares of the company's stock valued at $464,000 after buying an additional 1,452 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of Gates Industrial by 59.9% during the fourth quarter. HighTower Advisors LLC now owns 16,531 shares of the company's stock valued at $340,000 after buying an additional 6,195 shares during the last quarter. Finally, Channing Capital Management LLC lifted its position in shares of Gates Industrial by 6.1% during the fourth quarter. Channing Capital Management LLC now owns 4,146,803 shares of the company's stock valued at $85,300,000 after buying an additional 238,676 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Gates Industrial
In related news, Director Fredrik J. Eliasson purchased 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by insiders.
Gates Industrial Price Performance
Shares of NYSE:GTES traded up $0.91 during midday trading on Friday, reaching $19.71. 2,478,809 shares of the company's stock traded hands, compared to its average volume of 2,866,198. Gates Industrial Corp PLC has a 1 year low of $15.14 and a 1 year high of $23.85. The company has a market cap of $5.03 billion, a P/E ratio of 26.99 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company has a fifty day simple moving average of $20.92 and a two-hundred day simple moving average of $20.00.
Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Equities analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several research firms have commented on GTES. The Goldman Sachs Group increased their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a research report on Thursday, December 12th. 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. Barclays cut their price objective on shares of Gates Industrial from $27.00 to $26.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Citigroup cut their price objective 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. Finally, Jefferies Financial Group upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.22.
Get Our Latest Research Report on GTES
About Gates Industrial
(
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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