Lazard Asset Management LLC Decreases Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Lazard Asset Management LLC lessened its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 16.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 379,000 shares of the company's stock after selling 72,629 shares during the quarter. Lazard Asset Management LLC owned 0.15% of Gates Industrial worth $7,796,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lighthouse Investment Partners LLC purchased a new stake in Gates Industrial during the fourth quarter worth about $1,543,000. Interval Partners LP acquired a new stake in shares of Gates Industrial in the 4th quarter worth approximately $14,108,000. J. Goldman & Co LP purchased a new position in Gates Industrial in the 4th quarter valued at approximately $6,538,000. Janus Henderson Group PLC increased its stake in Gates Industrial by 1.3% in the 4th 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 in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new position in Gates Industrial during the fourth quarter worth $209,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Trading Down 0.6%

GTES traded down $0.13 during trading on Tuesday, hitting $21.74. The company's stock had a trading volume of 190,640 shares, compared to its average volume of 2,637,352. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The stock has a market cap of $5.60 billion, a PE ratio of 29.78 and a beta of 1.23. The firm's 50 day moving average price is $18.81 and its 200-day moving average price is $20.34. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES - Get Free Report) last released its 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. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The firm had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. During the same period in the prior year, the firm posted $0.31 earnings per share. The business's quarterly revenue was down 1.7% compared to the same quarter last year. On average, analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now 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 filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on GTES. Morgan Stanley dropped their target price 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. Barclays raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. KeyCorp lifted their price objective on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Evercore ISI increased their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a report on Wednesday, February 19th. Finally, Citigroup dropped their price target on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Gates Industrial presently has a consensus rating of "Moderate Buy" and an average target price of $22.89.

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.