Fred Alger Management LLC Sells 376,522 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Fred Alger Management LLC trimmed its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 13.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,450,560 shares of the company's stock after selling 376,522 shares during the period. Fred Alger Management LLC owned 0.96% of Gates Industrial worth $50,408,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of GTES. GeoWealth Management LLC lifted its holdings in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after purchasing an additional 789 shares during the last quarter. Assetmark Inc. increased its stake in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after buying an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in Gates Industrial in the fourth quarter worth approximately $43,000. SRS Capital Advisors Inc. lifted its holdings in shares of Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after buying an additional 724 shares during the period. Finally, MetLife Investment Management LLC boosted its position in shares of Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after purchasing an additional 567 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

NYSE GTES traded up $0.09 on Friday, reaching $20.75. The company's stock had a trading volume of 1,326,978 shares, compared to its average volume of 2,971,964. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average price of $18.51 and a 200 day moving average price of $20.21. The firm has a market cap of $5.35 billion, a PE ratio of 28.42 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.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The firm 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 company's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 earnings per share. Sell-side analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. The Goldman Sachs Group cut their target price on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Evercore ISI lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Barclays dropped their price target on shares of Gates Industrial from $25.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Morgan Stanley lowered their price target on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Finally, Royal Bank of Canada raised their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Gates Industrial currently has an average rating of "Moderate Buy" and a consensus target price of $22.78.

Gates Industrial Company 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.