Gates Industrial Corp PLC (NYSE:GTES) Stock Position Lessened by Two Sigma Investments LP

Two Sigma Investments LP cut its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 47.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 719,805 shares of the company's stock after selling 637,038 shares during the period. Two Sigma Investments LP owned approximately 0.28% of Gates Industrial worth $14,806,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GTES. GeoWealth Management LLC grew its position in Gates Industrial by 187.4% in the fourth 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. increased its stake in shares of Gates Industrial by 2,968.6% in 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 last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Gates Industrial during the 4th quarter worth about $43,000. SRS Capital Advisors Inc. raised its position in Gates Industrial by 38.1% during the fourth 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 in the last quarter. Finally, MetLife Investment Management LLC lifted 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. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now owns 188,452 shares of the company's stock, valued at $3,686,121.12. This represents a 46.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.30% of the company's stock.

Gates Industrial Stock Down 1.4%

NYSE:GTES opened at $21.01 on Friday. The company has a market cap of $5.42 billion, a price-to-earnings ratio of 28.78 and a beta of 1.23. Gates Industrial Corp PLC has a 52-week low of $14.70 and a 52-week high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The stock's fifty day moving average price is $18.92 and its two-hundred day moving average price is $20.37.

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, topping analysts' consensus estimates 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%. Gates Industrial's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.31 earnings per share. On average, analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. KeyCorp boosted their target price on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. The Goldman Sachs Group decreased 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. Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Thursday. Barclays upped their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Finally, Royal Bank of Canada increased 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. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price 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.

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