Gates Industrial Corp PLC (NYSE:GTES) Position Lessened by O Shaughnessy Asset Management LLC

O Shaughnessy Asset Management LLC lowered its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 7.0% in the fourth quarter, HoldingsChannel reports. The firm owned 61,248 shares of the company’s stock after selling 4,633 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Gates Industrial were worth $1,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in GTES. State Street Corp raised its holdings in shares of Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after buying an additional 3,459,450 shares during the last quarter. JPMorgan Chase & Co. increased its position in Gates Industrial by 1,185.0% in the 4th quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock valued at $69,187,000 after acquiring an additional 3,101,738 shares during the period. Norges Bank bought a new stake in Gates Industrial during the 4th quarter valued at $56,520,000. Franklin Resources Inc. boosted its position in Gates Industrial by 138.0% during the 3rd quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock worth $68,159,000 after acquiring an additional 2,220,277 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Gates Industrial in the fourth quarter worth $42,080,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the acquisition, the director now owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

GTES has been the topic of a number of recent analyst reports. Royal Bank of Canada lifted 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. Evercore ISI boosted their price objective on 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 decreased their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Barclays dropped 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. Finally, KeyCorp upped their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Gates Industrial Trading Down 6.5 %

Shares of GTES opened at $15.78 on Monday. The business’s 50-day moving average price is $20.48 and its 200 day moving average price is $20.20. 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 $4.03 billion, a P/E ratio of 21.61 and a beta of 1.24. Gates Industrial Corp PLC has a 1-year low of $15.11 and a 1-year high of $23.85.

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

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.