Allspring Global Investments Holdings LLC Decreases Position in Gates Industrial Corporation PLC (NYSE:GTES)

Allspring Global Investments Holdings LLC lessened its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 6.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,499,134 shares of the company's stock after selling 1,046,930 shares during the quarter. Allspring Global Investments Holdings LLC owned about 5.63% of Gates Industrial worth $269,249,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. GeoWealth Management LLC grew its stake in Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after buying an additional 789 shares during the last quarter. Assetmark Inc. grew its stake in shares of Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after purchasing an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Gates Industrial in the 4th quarter valued at approximately $43,000. SRS Capital Advisors Inc. grew its stake in shares of Gates Industrial by 38.1% in 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 last quarter. Finally, MetLife Investment Management LLC grew its stake 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 purchasing an additional 567 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

Shares of Gates Industrial stock traded up $0.28 during trading on Friday, reaching $23.18. The company's stock had a trading volume of 2,853,611 shares, compared to its average volume of 2,797,576. The company has a quick ratio of 2.35, a current ratio of 3.33 and a debt-to-equity ratio of 0.70. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $23.85. The company has a market capitalization of $5.98 billion, a P/E ratio of 28.27 and a beta of 1.21. The business has a 50 day moving average price of $20.94 and a 200-day moving average price of $20.38.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The firm had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. During the same period in the previous year, the business earned $0.31 earnings per share. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Analysts Set New Price Targets

GTES has been the topic of several analyst reports. Morgan Stanley lowered their target price on 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. KeyCorp lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Royal Bank Of Canada lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. The Goldman Sachs Group lifted their target price on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Finally, Wall Street Zen downgraded Gates Industrial from a "strong-buy" rating to a "buy" rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $23.22.

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.