Two Sigma Advisers LP Cuts Position in Gates Industrial Corp PLC (NYSE:GTES)

Two Sigma Advisers LP decreased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 38.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,212,600 shares of the company's stock after selling 748,100 shares during the quarter. Two Sigma Advisers LP owned about 0.48% of Gates Industrial worth $24,943,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of GTES. FMR LLC raised its position in Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after purchasing an additional 6,383,165 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock worth $317,461,000 after purchasing an additional 616,687 shares during the period. Invesco Ltd. lifted its position in shares of Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock worth $152,354,000 after purchasing an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI lifted its position in shares of Gates Industrial by 0.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock worth $148,615,000 after purchasing an additional 21,191 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Gates Industrial by 1.3% in the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock valued at $135,145,000 after purchasing an additional 85,253 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Down 0.3%

NYSE GTES traded down $0.07 during trading on Monday, reaching $20.95. 995,021 shares of the company's stock were exchanged, compared to its average volume of 2,909,408. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. Gates Industrial Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85. The stock has a market cap of $5.40 billion, a P/E ratio of 28.70 and a beta of 1.23. The company has a 50 day moving average price of $18.96 and a two-hundred day moving average price of $20.36.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. The company had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The firm's revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.31 earnings per share. On average, equities research analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Evercore ISI upped their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 19th. Morgan Stanley dropped 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 research note on Thursday, May 1st. Royal Bank of Canada increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research note 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 for the company in a report on Wednesday, March 19th. Finally, KeyCorp upped their price target on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Three 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's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $22.89.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction on Friday, March 7th. The stock was bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by insiders.

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.