Brandes Investment Partners LP lessened its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 24.4% during the fourth quarter, according to the company in its most recent disclosure with the 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 about 0.62% of Gates Industrial worth $32,627,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted 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 worth $317,461,000 after buying an additional 616,687 shares in the last quarter. FMR LLC lifted its stake in shares of Gates Industrial by 4.5% in the third quarter. FMR LLC now owns 13,059,271 shares of the company's stock worth $229,190,000 after buying an additional 562,643 shares in the last quarter. State Street Corp lifted its stake 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 buying an additional 3,459,450 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of 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 buying an additional 1,268,716 shares in the last quarter. Finally, GW&K Investment Management LLC lifted its stake in shares of Gates Industrial by 25.8% in the fourth quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company's stock worth $105,017,000 after buying an additional 1,047,946 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on GTES shares. Evercore ISI increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. KeyCorp increased their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. 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 report on Friday, December 6th. Royal Bank of Canada increased their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Finally, Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Gates Industrial has an average rating of "Moderate Buy" and an average price target of $24.22.
Read Our Latest Research Report on Gates Industrial
Insider Transactions at Gates Industrial
In related news, Director Fredrik J. Eliasson bought 60,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.30% of the company's stock.
Gates Industrial Stock Performance
GTES stock traded down $0.05 during midday trading on Monday, reaching $19.62. 2,833,870 shares of the company's stock traded hands, compared to its average volume of 2,866,671. Gates Industrial Corp PLC has a 52-week low of $15.14 and a 52-week high of $23.85. The stock has a market cap of $5.01 billion, a P/E ratio of 26.96 and a beta of 1.33. 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 stock's 50-day moving average is $20.92 and its 200 day moving average is $20.00.
Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data 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 net margin of 5.72% and a return on equity of 9.75%. As a group, analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.
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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