Impax Asset Management Group plc Sells 549,646 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Impax Asset Management Group plc lessened its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 44.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 678,067 shares of the company's stock after selling 549,646 shares during the period. Impax Asset Management Group plc owned about 0.26% of Gates Industrial worth $9,100,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Raymond James & Associates lifted its position in Gates Industrial by 4.6% during the first quarter. Raymond James & Associates now owns 269,329 shares of the company's stock valued at $4,056,000 after acquiring an additional 11,792 shares during the last quarter. US Bancorp DE lifted its position in Gates Industrial by 8.9% during the first quarter. US Bancorp DE now owns 36,855 shares of the company's stock valued at $556,000 after acquiring an additional 3,003 shares during the last quarter. Citigroup Inc. lifted its position in Gates Industrial by 2,781.5% during the first quarter. Citigroup Inc. now owns 231,070 shares of the company's stock valued at $3,480,000 after acquiring an additional 223,051 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Gates Industrial by 221.3% during the first quarter. PNC Financial Services Group Inc. now owns 12,072 shares of the company's stock valued at $182,000 after acquiring an additional 8,315 shares during the last quarter. Finally, Natixis Advisors L.P. lifted its position in Gates Industrial by 2.3% during the first quarter. Natixis Advisors L.P. now owns 80,101 shares of the company's stock valued at $1,206,000 after acquiring an additional 1,793 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Citigroup increased their target price on shares of Gates Industrial from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Monday. TheStreet raised shares of Gates Industrial from a "c+" rating to a "b-" rating in a research report on Monday, January 8th. Wolfe Research raised shares of Gates Industrial from a "peer perform" rating to an "outperform" rating and set a $20.00 price target for the company in a report on Friday, March 8th. Jefferies Financial Group initiated coverage on shares of Gates Industrial in a report on Thursday, February 29th. They issued a "buy" rating and a $21.00 price target for the company. Finally, Evercore ISI raised their price target on shares of Gates Industrial from $12.50 to $14.00 and gave the stock an "in-line" rating in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $17.61.

Gates Industrial Stock Performance

Shares of NYSE:GTES traded up $0.06 during midday trading on Thursday, reaching $17.42. The company's stock had a trading volume of 2,131,219 shares, compared to its average volume of 2,941,356. The firm has a market capitalization of $4.60 billion, a PE ratio of 20.41 and a beta of 1.57. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $17.86. The stock has a fifty day moving average of $15.54 and a 200 day moving average of $13.35. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.10. The firm had revenue of $863.30 million for the quarter, compared to analyst estimates of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. On average, equities analysts expect that Gates Industrial Corp PLC will post 1.32 EPS for the current fiscal year.

Insider Transactions at Gates Industrial

In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.04, for a total value of $292,284,244.00. Following the sale, the insider now owns 107,324 shares in the company, valued at $1,292,180.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm's stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the sale, the insider now owns 107,324 shares in the company, valued at $1,292,180.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Neil P. Simpkins purchased 1,000,000 shares of the company's stock in a transaction that occurred on Friday, February 16th. The shares were purchased at an average price of $12.20 per share, for a total transaction of $12,200,000.00. Following the transaction, the director now owns 1,000,000 shares of the company's stock, valued at approximately $12,200,000. The disclosure for this purchase can be found here. Insiders have acquired 1,030,492 shares of company stock worth $12,582,402 over the last 90 days. 2.30% of the stock is currently owned by company insiders.

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.