Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Olstein Capital Management L.P.

Olstein Capital Management L.P. cut its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 21.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 142,000 shares of the company's stock after selling 39,000 shares during the quarter. Olstein Capital Management L.P. owned 0.06% of Gates Industrial worth $2,921,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of GTES. GAMMA Investing LLC lifted its stake in Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock valued at $68,000 after buying an additional 2,998 shares in the last quarter. Mutual of America Capital Management LLC acquired a new position in shares of Gates Industrial in the third quarter worth $597,000. Jennison Associates LLC lifted its position in shares of Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock valued at $70,763,000 after acquiring an additional 1,268,407 shares in the last quarter. Foundry Partners LLC acquired a new stake in shares of Gates Industrial during the third quarter valued at $4,247,000. Finally, Verition Fund Management LLC increased its position in Gates Industrial by 322.7% during the 3rd quarter. Verition Fund Management LLC now owns 379,509 shares of the company's stock worth $6,660,000 after purchasing an additional 289,722 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Barclays raised Gates Industrial from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. Jefferies Financial Group raised their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Royal Bank of Canada lifted their price target on Gates Industrial from $22.00 to $26.00 and gave the company an "outperform" rating in a report on Thursday, December 12th. The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a report on Thursday, December 12th. Finally, Citigroup lowered their target price on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating for the company in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

Gates Industrial Stock Performance

GTES traded down $0.02 during trading hours on Friday, hitting $20.77. 1,376,245 shares of the stock were exchanged, compared to its average volume of 1,756,196. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of 25.02 and a beta of 1.38. The stock has a 50-day simple moving average of $21.18 and a 200-day simple moving average of $19.03. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. Gates Industrial Corp PLC has a 12 month low of $12.40 and a 12 month high of $23.34.

About Gates Industrial

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.