Gates Industrial Corp PLC (NYSE:GTES) Position Lowered by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC trimmed its position in Gates Industrial Corp PLC (NYSE:GTES) by 11.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 96,770 shares of the company’s stock after selling 11,991 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Gates Industrial were worth $1,991,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in GTES. Assetmark Inc. raised its stake in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after acquiring an additional 1,514 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Gates Industrial by 178.3% in 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 during the last quarter. SRS Capital Advisors Inc. boosted its position in Gates Industrial by 38.1% during the 4th 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 during the period. Quarry LP bought a new position in Gates Industrial during the 3rd quarter worth $71,000. Finally, GAMMA Investing LLC increased its position in Gates Industrial by 29.0% in the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after buying an additional 1,130 shares during the period. Institutional investors own 98.50% of the company’s stock.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired 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 in the company, valued at $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on GTES. Evercore ISI boosted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Royal Bank of Canada raised their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp lifted their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. The Goldman Sachs Group reduced their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Finally, Citigroup reduced their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Gates Industrial Trading Up 3.7 %

Shares of NYSE:GTES opened at $19.25 on Thursday. Gates Industrial Corp PLC has a 1 year low of $15.14 and a 1 year high of $23.85. The firm has a fifty day moving average price of $20.66 and a 200 day moving average price of $20.19. The stock has a market capitalization of $4.92 billion, a PE ratio of 26.37 and a beta of 1.24. 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 issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates 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 EPS for the current fiscal year.

Gates Industrial 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.