Essex Investment Management Co. LLC Sells 2,792 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Essex Investment Management Co. LLC trimmed its position in Gates Industrial Corp PLC (NYSE:GTES) by 58.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,996 shares of the company’s stock after selling 2,792 shares during the period. Essex Investment Management Co. LLC’s holdings in Gates Industrial were worth $41,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. increased its holdings in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares in the last quarter. Versant Capital Management Inc increased its holdings in Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after purchasing an additional 1,598 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares in the last quarter. Venturi Wealth Management LLC increased its holdings in Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares in the last quarter. Finally, Quarry LP bought a new stake in Gates Industrial during the 3rd quarter worth approximately $71,000. 98.50% of the stock is owned by institutional investors.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $18.97 on Tuesday. Gates Industrial Corp PLC has a twelve month low of $15.14 and a twelve month high of $23.85. The stock’s 50 day moving average price is $21.05 and its 200-day moving average price is $19.95. The company has a market capitalization of $4.84 billion, a PE ratio of 25.98 and a beta of 1.33. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

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

Analyst Ratings Changes

A number of analysts have commented on GTES shares. 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 report on Wednesday, February 19th. Barclays decreased their price objective on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Monday. The Goldman Sachs Group boosted their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Royal Bank of Canada boosted their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, Jefferies Financial Group boosted their target price on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and an average price target of $24.22.

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.