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% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. EP Wealth Advisors LLC lifted its position in shares of Gates Industrial by 3.6% during the fourth quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock valued at $298,000 after purchasing an additional 504 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after buying an additional 567 shares during the last quarter. Personal CFO Solutions LLC increased its holdings in Gates Industrial by 6.4% during the first quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company's stock worth $206,000 after buying an additional 670 shares during the last quarter. Utah Retirement Systems increased its holdings in Gates Industrial by 6.4% during the fourth quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock worth $241,000 after buying an additional 700 shares during the last quarter. Finally, GeoWealth Management LLC increased its holdings in Gates Industrial by 187.4% during 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. 98.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on GTES shares. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. Barclays restated an "overweight" rating and set a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a report on Monday. Royal Bank Of Canada raised their price objective on shares of Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Morgan Stanley decreased their price objective on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Finally, UBS Group raised their price objective on shares of Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $26.67.

Gates Industrial Stock Performance

Shares of GTES traded down $0.17 during trading hours on Wednesday, hitting $24.05. The company's stock had a trading volume of 125,579 shares, compared to its average volume of 2,317,104. The company has a market cap of $6.19 billion, a price-to-earnings ratio of 30.82 and a beta of 1.24. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The business has a 50 day simple moving average of $23.29 and a two-hundred day simple moving average of $21.09. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-week high of $25.66.

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

Gates Industrial 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.