Gates Industrial Corp PLC (NYSE:GTES) Stock Position Trimmed by CIBC Asset Management Inc

CIBC Asset Management Inc decreased its position in Gates Industrial Corp PLC (NYSE:GTES) by 23.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,218 shares of the company’s stock after selling 4,156 shares during the period. CIBC Asset Management Inc’s holdings in Gates Industrial were worth $272,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. State Street Corp grew its holdings in Gates Industrial by 112.9% in 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 in the last quarter. Zimmer Partners LP boosted its position in 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 acquiring an additional 2,466,543 shares during the period. Franklin Resources Inc. grew its stake in shares of Gates Industrial by 138.0% in the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock worth $68,159,000 after purchasing an additional 2,220,277 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Gates Industrial by 31.5% during 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 period. Finally, Principal Financial Group Inc. raised its stake in shares of Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock valued at $18,670,000 after purchasing an additional 1,048,596 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Down 1.9 %

Shares of Gates Industrial stock opened at $21.82 on Tuesday. Gates Industrial Corp PLC has a 12-month low of $14.41 and a 12-month high of $23.85. The firm has a market capitalization of $5.57 billion, a PE ratio of 29.89 and a beta of 1.37. 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 stock’s fifty day moving average is $21.08 and its 200-day moving average is $19.73.

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on GTES shares. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Royal Bank of Canada raised their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp upped their target price on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Jefferies Financial Group lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Citigroup cut their price objective 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 equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.90.

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.