Zimmer Partners LP Sells 1,620,000 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Zimmer Partners LP reduced its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 38.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 2,593,452 shares of the company's stock after selling 1,620,000 shares during the period. Gates Industrial comprises 0.9% of Zimmer Partners LP's holdings, making the stock its 28th largest position. Zimmer Partners LP owned about 1.02% of Gates Industrial worth $53,347,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Park Avenue Securities LLC raised its holdings in Gates Industrial by 29.1% in the 4th quarter. Park Avenue Securities LLC now owns 49,939 shares of the company's stock valued at $1,027,000 after acquiring an additional 11,251 shares during the period. Assenagon Asset Management S.A. bought a new position in Gates Industrial in the 4th quarter valued at about $2,154,000. KBC Group NV raised its holdings in Gates Industrial by 2,487.4% in the 4th quarter. KBC Group NV now owns 146,086 shares of the company's stock valued at $3,005,000 after acquiring an additional 140,440 shares during the period. Proficio Capital Partners LLC bought a new position in Gates Industrial in the 4th quarter valued at about $529,000. Finally, PNC Financial Services Group Inc. raised its holdings in Gates Industrial by 69.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company's stock valued at $353,000 after acquiring an additional 7,036 shares during the period. 98.50% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now directly owns 188,452 shares of the company's stock, valued at $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.30% of the company's stock.

Gates Industrial Price Performance

GTES stock traded down $0.07 during midday trading on Friday, reaching $20.95. 995,021 shares of the stock were exchanged, compared to its average volume of 2,909,408. The stock has a market capitalization of $5.40 billion, a PE ratio of 28.70 and a beta of 1.23. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The company has a fifty day moving average price of $18.96 and a 200 day moving average price of $20.36.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Evercore ISI increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a report on Wednesday, February 19th. Barclays increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Morgan Stanley lowered their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Royal Bank of Canada raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, Citigroup lowered their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.89.

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.