Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by LSV Asset Management

LSV Asset Management trimmed its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 1.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,090,034 shares of the company's stock after selling 64,466 shares during the period. LSV Asset Management owned 1.61% of Gates Industrial worth $84,132,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. FMR LLC lifted its position in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after buying an additional 6,383,165 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Gates Industrial by 4.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock valued at $317,461,000 after purchasing an additional 616,687 shares during the last quarter. Invesco Ltd. boosted its position in shares of Gates Industrial by 2.3% in the 4th quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock worth $152,354,000 after purchasing an additional 168,328 shares in the last quarter. State Street Corp grew its stake in Gates Industrial by 112.9% during the 3rd 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 during the last quarter. Finally, Jennison Associates LLC increased its position in Gates Industrial by 31.5% during the 4th quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock valued at $109,038,000 after buying an additional 1,268,716 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling

In other news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction on Friday, March 7th. The shares were 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 directly owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. KeyCorp dropped their price target on Gates Industrial from $27.00 to $21.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Barclays cut their price target on shares of Gates Industrial from $25.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. The Goldman Sachs Group decreased their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Royal Bank of Canada raised their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Finally, Citigroup lowered their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a report on Monday. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $22.67.

Gates Industrial Price Performance

Gates Industrial stock traded down $0.12 during midday trading on Tuesday, reaching $17.27. The company had a trading volume of 1,336,090 shares, compared to its average volume of 2,967,907. The firm's fifty day simple moving average is $19.91 and its 200-day simple moving average is $20.13. Gates Industrial Corp PLC has a 12-month low of $14.70 and a 12-month high of $23.85. The company has a market capitalization of $4.41 billion, a P/E ratio of 23.65 and a beta of 1.24. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, equities analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

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.