Confluence Investment Management LLC Cuts Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Confluence Investment Management LLC trimmed its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 3.2% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,011,102 shares of the company's stock after selling 33,503 shares during the quarter. Confluence Investment Management LLC owned about 0.40% of Gates Industrial worth $18,614,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. GeoWealth Management LLC increased its stake in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after purchasing an additional 789 shares in the last quarter. Assetmark Inc. grew its stake in shares of Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after acquiring an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd bought a new position in shares of Gates Industrial during the 4th quarter valued at approximately $43,000. SRS Capital Advisors Inc. grew its stake in shares of 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 acquiring an additional 724 shares during the period. Finally, MetLife Investment Management LLC grew its stake in shares of Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after acquiring an additional 567 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GTES has been the subject of a number of recent research reports. KeyCorp boosted their price objective on Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Evercore ISI upped their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 19th. Barclays upped their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Citigroup dropped their price target on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Wall Street Zen upgraded Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $22.89.

Gates Industrial Trading Down 1.2%

NYSE:GTES traded down $0.25 during midday trading on Monday, hitting $20.91. 292,447 shares of the company traded hands, compared to its average volume of 2,882,030. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $5.39 billion, a P/E ratio of 28.66 and a beta of 1.23. Gates Industrial Corp PLC has a 12-month low of $14.70 and a 12-month high of $23.85. The firm's fifty day moving average is $19.11 and its 200-day moving average is $20.37.

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

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction on Friday, March 7th. The shares were acquired 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.70% of the company's stock.

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.