Foundry Partners LLC lessened its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 23.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 185,253 shares of the company's stock after selling 56,727 shares during the period. Foundry Partners LLC owned about 0.07% of Gates Industrial worth $3,811,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in GTES. Stifel Financial Corp raised its stake in shares of Gates Industrial by 40.3% during the 3rd quarter. Stifel Financial Corp now owns 139,338 shares of the company's stock worth $2,445,000 after buying an additional 40,027 shares during the period. Park Avenue Securities LLC raised its position in Gates Industrial by 29.1% during the fourth quarter. Park Avenue Securities LLC now owns 49,939 shares of the company's stock worth $1,027,000 after acquiring an additional 11,251 shares during the period. Wexford Capital LP purchased a new position in Gates Industrial during the third quarter valued at $456,000. GAMMA Investing LLC grew its position in shares of Gates Industrial by 29.0% in the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock valued at $103,000 after purchasing an additional 1,130 shares during the period. Finally, Oliver Luxxe Assets LLC purchased a new stake in shares of Gates Industrial during the fourth quarter worth about $1,665,000. 98.50% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
GTES has been the subject of a number of research analyst reports. KeyCorp reduced their target price on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating for the company in a report on Tuesday. Citigroup decreased their price objective on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Evercore ISI upped their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. The Goldman Sachs Group decreased their price target on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Finally, Royal Bank of Canada boosted their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock 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's stock. According to MarketBeat.com, Gates Industrial presently has an average rating of "Moderate Buy" and a consensus target price of $23.00.
Check Out Our Latest Report on Gates Industrial
Gates Industrial Stock Performance
NYSE GTES traded down $1.01 on Thursday, hitting $16.93. 1,134,693 shares of the company's stock were exchanged, compared to its average volume of 2,958,868. 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's 50-day moving average price is $20.10 and its two-hundred day moving average price is $20.12. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of 23.19 and a beta of 1.24. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85.
Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported $0.33 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%. On average, research analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.
Insider Buying and Selling
In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction that occurred 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 completion of the acquisition, 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 the SEC website. 2.30% of the stock is owned by insiders.
Gates Industrial Company Profile
(
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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