LSV Asset Management Trims Stock Position in Gates Industrial Corporation PLC (NYSE:GTES)

Key Points

• LSV Asset Management reduced its holdings in Gates Industrial Corporation by 11.2%, owning approximately 1.41% of the company after selling 459,649 shares.
• Gates Industrial's stock recently opened at $24.32, with a market capitalization of $6.27 billion and a price-to-earnings ratio of 31.18.
• Wall Street analysts have mixed ratings for GTES, with price targets ranging from $22.00 to $29.00, and a consensus rating of "Moderate Buy" with a target of $26.44.

LSV Asset Management reduced its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 11.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,630,385 shares of the company's stock after selling 459,649 shares during the period. LSV Asset Management owned 1.41% of Gates Industrial worth $66,835,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its position in shares of Gates Industrial by 4.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock valued at $767,000 after acquiring an additional 1,845 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Gates Industrial by 81.0% in the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after buying an additional 4,073 shares during the last quarter. QRG Capital Management Inc. boosted its stake in shares of Gates Industrial by 4.5% during the 1st quarter. QRG Capital Management Inc. now owns 38,085 shares of the company's stock worth $701,000 after purchasing an additional 1,626 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in shares of Gates Industrial by 1.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company's stock worth $1,443,000 after purchasing an additional 1,015 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Gates Industrial by 15.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company's stock worth $2,227,000 after purchasing an additional 16,224 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Stock Down 0.9%

NYSE GTES traded down $0.22 on Thursday, hitting $23.92. 137,472 shares of the stock were exchanged, compared to its average volume of 2,317,056. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $25.66. The company has a market cap of $6.16 billion, a PE ratio of 30.70 and a beta of 1.24. The company has a 50-day moving average price of $23.35 and a 200-day moving average price of $21.11.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The company had revenue of $883.70 million during the quarter, compared to analysts' expectations of $873.34 million. During the same quarter in the previous year, the business posted $0.36 EPS. The firm's revenue was down .2% on a year-over-year basis. Sell-side analysts anticipate that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

GTES has been the subject of several research reports. Barclays reissued an "overweight" rating and issued a $28.00 price objective (up from $26.00) on shares of Gates Industrial in a research report on Monday. Morgan Stanley cut 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. Citigroup increased their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Finally, UBS Group raised their price target on shares of Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. 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. According to data from MarketBeat, Gates Industrial has a consensus rating of "Moderate Buy" and a consensus target price of $26.67.

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.