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

LSV Asset Management decreased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 1.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,090,034 shares of the company’s stock after selling 64,466 shares during the period. LSV Asset Management’s holdings in Gates Industrial were worth $84,132,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC acquired a new stake in Gates Industrial in the 3rd quarter worth about $179,000. Stifel Financial Corp lifted its position in shares of Gates Industrial by 40.3% in the third quarter. Stifel Financial Corp now owns 139,338 shares of the company’s stock valued at $2,445,000 after acquiring an additional 40,027 shares in the last quarter. State Street Corp boosted 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 acquiring an additional 3,459,450 shares during the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of Gates Industrial during the third quarter worth approximately $245,000. Finally, XTX Topco Ltd acquired a new position in Gates Industrial in the 3rd quarter valued at $536,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the business’s stock in a transaction on Friday, March 7th. The shares were 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 in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Gates Industrial Stock Down 4.1 %

Shares of NYSE GTES opened at $17.20 on Friday. Gates Industrial Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85. The company has a market capitalization of $4.39 billion, a P/E ratio of 23.56 and a beta of 1.24. The company has a 50 day simple moving average of $20.04 and a 200-day simple moving average of $20.12. 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) last posted 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, equities research analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on GTES shares. Evercore ISI lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. The Goldman Sachs Group lowered 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 report on Wednesday, March 19th. KeyCorp cut their price objective on shares of Gates Industrial from $27.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday. Royal Bank of Canada boosted their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Finally, Citigroup cut their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $23.00.

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.