Moore Capital Management LP Trims Stake in Gates Industrial Corp PLC (NYSE:GTES)

Moore Capital Management LP decreased its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 56.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 approximately 0.08% of Gates Industrial worth $4,451,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Park Avenue Securities LLC lifted its stake in Gates Industrial by 29.1% during 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 during the 4th quarter valued at about $2,154,000. KBC Group NV lifted its stake in Gates Industrial by 2,487.4% during 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 during the 4th quarter valued at about $529,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Gates Industrial by 69.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company's stock valued at $353,000 after purchasing an additional 7,036 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Up 1.1%

GTES traded up $0.25 during trading on Friday, reaching $22.16. The company had a trading volume of 1,959,986 shares, compared to its average volume of 2,935,138. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The business has a 50 day simple moving average of $18.75 and a 200-day simple moving average of $20.32. Gates Industrial Corp PLC has a 52 week low of $14.70 and a 52 week high of $23.85. The stock has a market cap of $5.71 billion, a P/E ratio of 30.35 and a beta of 1.23.

Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results 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%. The business's revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 earnings per share. On average, equities analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, with a total value 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 $3,686,121.12. This trade represents a 46.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Royal Bank of Canada upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Citigroup reduced their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a report on Monday, April 14th. Barclays increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. KeyCorp upped their price target on Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Finally, Morgan Stanley lowered their target price on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $22.89.

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.