Corebridge Financial Inc. Sells 775 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Corebridge Financial Inc. trimmed its position in Gates Industrial Corp PLC (NYSE:GTES) by 7.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,637 shares of the company’s stock after selling 775 shares during the period. Corebridge Financial Inc.’s holdings in Gates Industrial were worth $198,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in GTES. Assetmark Inc. increased its stake in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after acquiring an additional 1,598 shares in the last quarter. SRS Capital Advisors Inc. raised its holdings in shares of Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after acquiring an additional 1,130 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its position in Gates Industrial by 180.6% in the 4th quarter. Venturi Wealth Management LLC now owns 8,640 shares of the company’s stock valued at $178,000 after acquiring an additional 5,561 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Trading Up 1.1 %

Shares of GTES stock opened at $17.38 on Friday. Gates Industrial Corp PLC has a 12-month low of $14.70 and a 12-month high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The company has a 50 day moving average of $19.98 and a 200-day moving average of $20.12. The firm has a market cap of $4.44 billion, a P/E ratio of 23.80 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, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Activity at Gates Industrial

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on GTES shares. The Goldman Sachs Group decreased their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Royal Bank of Canada increased their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. KeyCorp cut their price objective on shares of Gates Industrial from $27.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Evercore ISI increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday, February 19th. Finally, Citigroup cut their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.