Gates Industrial Corporation PLC (NYSE:GTES) Shares Sold by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC reduced its stake in Gates Industrial by 37.0% during Q1, owning 178,958 shares worth approximately $3.3 million after selling 105,148 shares.
• Brokerages have adjusted price targets for Gates Industrial, with Goldman Sachs raising their target from $20.00 to $23.00 while still rating the stock as "neutral."
• Gates Industrial reported $0.39 EPS for the last quarter, surpassing analysts' expectations of $0.38, alongside a 5.98% net margin despite a slight revenue decline year-over-year.

New Age Alpha Advisors LLC lessened its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 37.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 178,958 shares of the company's stock after selling 105,148 shares during the quarter. New Age Alpha Advisors LLC owned 0.07% of Gates Industrial worth $3,295,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its stake in shares of Gates Industrial by 4.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock valued at $767,000 after purchasing an additional 1,845 shares in the last quarter. GAMMA Investing LLC increased its stake in Gates Industrial by 81.0% during 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 in the last quarter. QRG Capital Management Inc. increased its stake in 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 buying an additional 1,626 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in 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 buying an additional 1,015 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in 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 buying an additional 16,224 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on GTES shares. Citigroup boosted their price objective on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Barclays reiterated an "overweight" rating and set a $28.00 price objective (up from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. KeyCorp reiterated an "overweight" rating and set a $30.00 price objective (up from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. The Goldman Sachs Group boosted their price objective on 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 upped their price target on Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Three equities research 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.67.

Gates Industrial Price Performance

Shares of GTES stock traded down $0.26 during trading hours on Friday, reaching $23.62. The company had a trading volume of 1,529,360 shares, compared to its average volume of 2,057,343. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The stock has a fifty day moving average of $23.44 and a 200-day moving average of $21.15. The company has a market capitalization of $6.08 billion, a price-to-earnings ratio of 30.28 and a beta of 1.24. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $25.66.

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

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.