Graham Capital Management L.P. Sells 218,119 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Graham Capital Management L.P. reduced its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 95.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,881 shares of the company’s stock after selling 218,119 shares during the period. Graham Capital Management L.P.’s holdings in Gates Industrial were worth $224,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Park Avenue Securities LLC boosted its holdings in Gates Industrial by 29.1% in the 4th quarter. Park Avenue Securities LLC now owns 49,939 shares of the company’s stock worth $1,027,000 after buying an additional 11,251 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Gates Industrial in the 4th quarter worth approximately $2,154,000. KBC Group NV lifted its stake in Gates Industrial by 2,487.4% in the 4th quarter. KBC Group NV now owns 146,086 shares of the company’s stock worth $3,005,000 after purchasing an additional 140,440 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in Gates Industrial in the 4th quarter worth approximately $529,000. Finally, PNC Financial Services Group Inc. lifted its stake in Gates Industrial by 69.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company’s stock worth $353,000 after purchasing an additional 7,036 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Morgan Stanley lowered their target price on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Royal Bank of Canada lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Evercore ISI lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. Finally, KeyCorp raised their price target on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.89.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $22.16 on Monday. The firm has a market cap of $5.71 billion, a price-to-earnings ratio of 30.35 and a beta of 1.23. The firm has a fifty day moving average price of $18.75 and a 200 day moving average price of $20.32. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. Gates Industrial Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85.

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