Handelsbanken Fonder AB Sells 100,000 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Handelsbanken Fonder AB decreased its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 7.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,272,300 shares of the company's stock after selling 100,000 shares during the period. Handelsbanken Fonder AB owned approximately 0.50% of Gates Industrial worth $23,423,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. HighPoint Advisor Group LLC increased its stake in Gates Industrial by 3.2% in the fourth quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company's stock valued at $331,000 after acquiring an additional 452 shares during the last quarter. EP Wealth Advisors LLC increased its position in Gates Industrial by 3.6% during the 4th quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock worth $298,000 after purchasing an additional 504 shares in the last quarter. MetLife Investment Management LLC increased its position in Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after purchasing an additional 567 shares in the last quarter. United Services Automobile Association lifted its stake in Gates Industrial by 4.8% in the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company's stock valued at $289,000 after purchasing an additional 646 shares during the last quarter. Finally, Utah Retirement Systems lifted its stake in Gates Industrial by 6.4% in the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock valued at $241,000 after purchasing an additional 700 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Morgan Stanley lowered their price target 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. KeyCorp increased their price target on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday. Citigroup reduced their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a report on Monday, April 14th. Royal Bank of Canada upped their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Evercore ISI raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.22.

Gates Industrial Stock Performance

GTES traded down $0.09 on Thursday, hitting $22.07. The company's stock had a trading volume of 428,891 shares, compared to its average volume of 2,839,223. The firm has a market cap of $5.69 billion, a P/E ratio of 30.23 and a beta of 1.21. The company's 50 day simple moving average is $19.65 and its 200-day simple moving average is $20.40. Gates Industrial Corp PLC has a 12 month low of $14.70 and a 12 month high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

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