AQR Capital Management LLC Sells 1,534,272 Shares of Gates Industrial Corp PLC (NYSE:GTES)

AQR Capital Management LLC cut its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 32.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,206,790 shares of the company's stock after selling 1,534,272 shares during the quarter. AQR Capital Management LLC owned about 1.26% of Gates Industrial worth $65,803,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. FMR LLC grew its holdings in shares of Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after purchasing an additional 6,383,165 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Gates Industrial by 1,185.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock valued at $69,187,000 after purchasing an additional 3,101,738 shares during the period. Norges Bank bought a new position in Gates Industrial in the fourth quarter worth approximately $56,520,000. Franklin Resources Inc. grew its position in shares of Gates Industrial by 138.0% during the 3rd quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company's stock worth $68,159,000 after buying an additional 2,220,277 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Gates Industrial during the 4th quarter worth about $42,080,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Price Performance

Shares of Gates Industrial stock traded up $0.05 during trading on Tuesday, hitting $20.05. 380,569 shares of the company were exchanged, compared to its average volume of 2,959,942. The firm has a 50 day moving average price of $18.52 and a 200 day moving average price of $20.15. The stock has a market capitalization of $5.17 billion, a price-to-earnings ratio of 27.46 and a beta of 1.23. 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 Corp PLC has a fifty-two week low of $14.70 and a fifty-two week high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The company had revenue of $847.60 million during the quarter, compared to analysts' expectations of $823.56 million. During the same quarter in the previous year, the business earned $0.31 EPS. The firm's revenue was down 1.7% on a year-over-year basis. On average, equities analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GTES has been the subject of a number of recent research reports. Barclays reduced their target price on shares of Gates Industrial from $25.00 to $22.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Morgan Stanley reduced their target price on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. The Goldman Sachs Group dropped their target price on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. KeyCorp increased their price objective on shares of Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, Evercore ISI upped their price target 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. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.78.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares in the company, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company's stock.

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.