D. E. Shaw & Co. Inc. Has $3.33 Million Position in Gates Industrial Corp PLC (NYSE:GTES)

D. E. Shaw & Co. Inc. reduced its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 66.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 161,856 shares of the company’s stock after selling 321,397 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Gates Industrial were worth $3,329,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in GTES. Assenagon Asset Management S.A. acquired a new stake in shares of Gates Industrial during the 4th quarter valued at about $2,154,000. Park Avenue Securities LLC boosted its position in Gates Industrial by 29.1% in the fourth quarter. Park Avenue Securities LLC now owns 49,939 shares of the company’s stock valued at $1,027,000 after buying an additional 11,251 shares in the last quarter. Kera Capital Partners Inc. acquired a new position in Gates Industrial in the fourth quarter valued at about $205,000. Oliver Luxxe Assets LLC acquired a new position in Gates Industrial in the fourth quarter valued at about $1,665,000. Finally, Exchange Traded Concepts LLC boosted its position in Gates Industrial by 9.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 99,888 shares of the company’s stock valued at $2,055,000 after buying an additional 8,868 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This represents a 46.71% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Barclays boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. The Goldman Sachs Group reduced 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. Evercore ISI boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. Royal Bank of Canada boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Finally, KeyCorp upped their target price on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.89.

Gates Industrial Price Performance

Shares of GTES stock opened at $22.16 on Monday. Gates Industrial Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85. The firm’s 50 day moving average is $18.75 and its 200-day moving average is $20.32. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of 30.35 and a beta of 1.23. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Gates Industrial’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 earnings per share. Sell-side analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

About Gates Industrial

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.