Moore Capital Management LP Lowers Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Moore Capital Management LP cut its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 56.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 216,404 shares of the company's stock after selling 280,759 shares during the period. Moore Capital Management LP owned about 0.08% of Gates Industrial worth $4,451,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Lighthouse Investment Partners LLC purchased a new position in Gates Industrial in the fourth quarter valued at approximately $1,543,000. Interval Partners LP purchased a new position in shares of Gates Industrial during the 4th quarter valued at $14,108,000. J. Goldman & Co LP purchased a new position in shares of Gates Industrial during the 4th quarter valued at $6,538,000. Janus Henderson Group PLC grew its stake in shares of Gates Industrial by 1.3% during the 4th quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock worth $135,145,000 after acquiring an additional 85,253 shares during the period. Finally, Jefferies Financial Group Inc. bought a new stake in Gates Industrial in the 4th quarter valued at about $209,000. 98.50% of the stock is owned by institutional investors.

Gates Industrial Trading Up 1.1%

Shares of Gates Industrial stock traded up $0.25 during trading on Friday, reaching $22.16. The company's stock had a trading volume of 1,959,986 shares, compared to its average volume of 2,934,241. The company has a market cap of $5.71 billion, a price-to-earnings ratio of 30.35 and a beta of 1.23. The firm's 50-day moving average is $18.70 and its two-hundred day moving average is $20.28. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. 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 announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The business had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same quarter last year, the firm earned $0.31 EPS. The company's revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the company's stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, for a total transaction 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on GTES shares. Citigroup cut their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group reduced their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Evercore ISI lifted their price objective 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. Morgan Stanley reduced their price objective 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. Finally, Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research note 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 company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.