Two Sigma Investments LP Sells 637,038 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Two Sigma Investments LP reduced its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 47.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 719,805 shares of the company’s stock after selling 637,038 shares during the quarter. Two Sigma Investments LP’s holdings in Gates Industrial were worth $14,806,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. GeoWealth Management LLC raised its position in shares of Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. raised its position in shares of Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after buying an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Gates Industrial in the 4th quarter valued at $43,000. SRS Capital Advisors Inc. raised its stake in Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after purchasing an additional 724 shares in the last quarter. Finally, MetLife Investment Management LLC raised its position in shares of Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after buying an additional 567 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Transactions at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

Gates Industrial Stock Down 1.4%

Shares of NYSE:GTES opened at $21.01 on Friday. 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 52-week low of $14.70 and a 52-week high of $23.85. The business’s 50 day simple moving average is $18.92 and its two-hundred day simple moving average is $20.37. The firm has a market cap of $5.42 billion, a P/E ratio of 28.78 and a beta of 1.23.

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

Analysts Set New Price Targets

Several brokerages recently weighed in on GTES. Citigroup dropped their price objective on Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Royal Bank of Canada lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. The Goldman Sachs Group decreased their price target 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. KeyCorp increased their target price on shares of Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. Finally, Morgan Stanley reduced their price objective 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. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.89.

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.