Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Brandes Investment Partners LP

Brandes Investment Partners LP lowered its position in Gates Industrial Corp PLC (NYSE:GTES) by 24.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,586,125 shares of the company’s stock after selling 512,586 shares during the quarter. Brandes Investment Partners LP owned about 0.62% of Gates Industrial worth $32,627,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in GTES. State Street Corp increased 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 valued at $114,485,000 after purchasing an additional 3,459,450 shares during the period. Zimmer Partners LP increased its stake in shares of Gates Industrial by 141.2% during the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock valued at $73,946,000 after acquiring an additional 2,466,543 shares during the period. Franklin Resources Inc. increased its stake in shares of Gates Industrial by 138.0% during the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock valued at $68,159,000 after acquiring an additional 2,220,277 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Gates Industrial during the fourth quarter valued at approximately $42,080,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Gates Industrial by 101.0% during the fourth quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company’s stock valued at $55,935,000 after acquiring an additional 1,366,431 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Buying and Selling

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now 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 position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 2.30% of the company’s stock.

Gates Industrial Trading Up 4.8 %

Shares of NYSE:GTES opened at $19.71 on Friday. The company has a 50 day moving average price of $20.94 and a 200 day moving average price of $19.96. Gates Industrial Corp PLC has a 1-year low of $15.14 and a 1-year high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The stock has a market capitalization of $5.03 billion, a price-to-earnings ratio of 26.99 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, research analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. KeyCorp raised their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Barclays lowered their price objective on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Jefferies Financial Group raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, 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. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.22.

Gates Industrial Company 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.