New York State Common Retirement Fund Trims Position in Gates Industrial Corp PLC (NYSE:GTES)

New York State Common Retirement Fund lessened its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 42.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 108,428 shares of the company's stock after selling 79,543 shares during the quarter. New York State Common Retirement Fund's holdings in Gates Industrial were worth $1,455,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of GTES. Wedge Capital Management L L P NC purchased a new position in Gates Industrial in the 4th quarter valued at about $1,751,000. Handelsbanken Fonder AB acquired a new position in Gates Industrial in the fourth quarter worth $200,000. CWM LLC lifted its position in shares of Gates Industrial by 102.2% in the 4th quarter. CWM LLC now owns 15,028 shares of the company's stock worth $202,000 after buying an additional 7,595 shares during the last quarter. Cooke & Bieler LP grew its holdings in shares of Gates Industrial by 7.9% during the fourth quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company's stock valued at $109,427,000 after purchasing an additional 594,559 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. increased its position in Gates Industrial by 3.1% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 87,238 shares of the company's stock worth $1,171,000 after buying an additional 2,645 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Citigroup lifted their target price on Gates Industrial from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, April 8th. Robert W. Baird lifted their target price on shares of Gates Industrial from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Thursday, May 2nd. The Goldman Sachs Group upped their target price on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 16th. Evercore ISI lifted their price objective on Gates Industrial from $12.50 to $14.00 and gave the stock an "in-line" rating in a research report on Tuesday, February 20th. Finally, Wolfe Research raised Gates Industrial from a "peer perform" rating to an "outperform" rating and set a $20.00 price objective for the company in a research note on Friday, March 8th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Gates Industrial has an average rating of "Moderate Buy" and a consensus price target of $18.88.

Gates Industrial Stock Performance

NYSE:GTES traded up $0.12 during mid-day trading on Friday, reaching $16.84. 1,517,708 shares of the company's stock were exchanged, compared to its average volume of 2,778,163. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.15 and a current ratio of 3.06. The firm has a market capitalization of $4.40 billion, a PE ratio of 18.38 and a beta of 1.54. Gates Industrial Corp PLC has a one year low of $10.68 and a one year high of $17.99. The business's fifty day simple moving average is $17.04 and its two-hundred day simple moving average is $14.17.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.10. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. The business had revenue of $863.30 million during the quarter, compared to the consensus estimate of $892.40 million. Analysts anticipate that Gates Industrial Corp PLC will post 1.32 earnings per share for the current fiscal year.

Insider Activity at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of Gates Industrial stock in a transaction that occurred 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 directly owns 107,324 shares in the company, valued at approximately $1,292,180.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the company's stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the transaction, the insider now directly owns 107,324 shares of the company's stock, valued at $1,292,180.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ivo Jurek bought 20,492 shares of the business's stock in a transaction that occurred on Friday, February 16th. The shares were bought at an average cost of $12.20 per share, for a total transaction of $250,002.40. Following the transaction, the chief executive officer now owns 626,088 shares of the company's stock, valued at $7,638,273.60. The disclosure for this purchase can be found here. Insiders have acquired 1,030,492 shares of company stock valued at $12,582,402 over the last ninety days. 2.30% of the stock is owned by corporate 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.