Gates Industrial Corp PLC (NYSE:GTES) Position Trimmed by Bank of America Corp DE

Bank of America Corp DE lessened its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 3.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,509,263 shares of the company's stock after selling 57,962 shares during the period. Bank of America Corp DE owned 0.59% of Gates Industrial worth $31,046,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Benjamin Edwards Inc. boosted its stake in Gates Industrial by 3.2% in the fourth quarter. Benjamin Edwards Inc. now owns 31,544 shares of the company's stock valued at $649,000 after acquiring an additional 986 shares during the period. BNP Paribas Financial Markets raised its position in shares of Gates Industrial by 113.1% during the 4th quarter. BNP Paribas Financial Markets now owns 14,591 shares of the company's stock worth $300,000 after purchasing an additional 7,745 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Gates Industrial by 20.6% in the 4th quarter. Ameriprise Financial Inc. now owns 2,742,461 shares of the company's stock worth $56,412,000 after purchasing an additional 467,810 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in Gates Industrial by 15.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 34,309 shares of the company's stock valued at $706,000 after purchasing an additional 4,655 shares during the period. Finally, Utah Retirement Systems boosted its position in Gates Industrial by 6.4% during the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock valued at $241,000 after purchasing an additional 700 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 stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by insiders.

Gates Industrial Price Performance

Gates Industrial stock traded down $0.27 during trading hours on Thursday, hitting $21.03. 112,292 shares of the company traded hands, compared to its average volume of 2,905,030. Gates Industrial Corp PLC has a 1-year low of $14.70 and a 1-year high of $23.85. The firm has a market cap of $5.42 billion, a P/E ratio of 28.78 and a beta of 1.23. The firm's 50-day simple moving average is $18.89 and its two-hundred day simple moving average is $20.36. 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 - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $823.56 million. During the same period last year, the firm posted $0.31 earnings per share. The business's revenue was down 1.7% on a year-over-year basis. As a group, analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GTES shares. Barclays increased their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Citigroup dropped their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Evercore ISI lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. Royal Bank of Canada upped 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. Finally, Morgan Stanley dropped their price target 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 equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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.