Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. trimmed its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 16.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 6,369,545 shares of the company’s stock after selling 1,242,218 shares during the period. Alliancebernstein L.P.’s holdings in Gates Industrial were worth $131,022,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC increased its stake in Gates Industrial by 4.1% in 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 in the last quarter. State Street Corp grew its holdings in Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after purchasing an additional 3,459,450 shares during the last quarter. Jennison Associates LLC grew its holdings in Gates Industrial by 31.5% in the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock valued at $109,038,000 after purchasing an additional 1,268,716 shares during the last quarter. GW&K Investment Management LLC increased its position 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 valued at $105,017,000 after buying an additional 1,047,946 shares in the last quarter. Finally, Zimmer Partners LP raised its stake in shares of Gates Industrial by 141.2% during the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after buying an additional 2,466,543 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

GTES has been the topic of a number of research reports. 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 note on Wednesday, February 19th. Barclays lowered their price target on shares of Gates Industrial from $26.00 to $25.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 26th. KeyCorp lifted their price objective on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. The Goldman Sachs Group lowered their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Finally, Royal Bank of Canada boosted their price target on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $19.25 on Thursday. The business’s fifty day moving average price is $20.66 and its 200 day moving average price is $20.19. Gates Industrial Corp PLC has a twelve month low of $15.14 and a twelve month high of $23.85. 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 has a market capitalization of $4.92 billion, a P/E ratio of 26.37 and a beta of 1.24.

Gates Industrial (NYSE:GTES) last issued its earnings results 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 return on equity of 9.75% and a net margin of 5.72%. As a group, research analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is owned by insiders.

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.