OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 137,570 Shares of Gates Industrial Corp PLC (NYSE:GTES)

OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 48.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 149,080 shares of the company's stock after selling 137,570 shares during the quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.06% of Gates Industrial worth $3,067,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GTES. GeoWealth Management LLC lifted its stake in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. increased its holdings in Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after purchasing an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Gates Industrial in the fourth quarter valued at about $43,000. SRS Capital Advisors Inc. lifted its stake in Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after buying an additional 724 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after buying an additional 567 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares in the company, valued at $3,686,121.12. The trade was a 46.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Gates Industrial Stock Performance

Shares of GTES opened at $22.01 on Tuesday. The firm has a market cap of $5.67 billion, a P/E ratio of 30.15 and a beta of 1.23. Gates Industrial Corp PLC has a twelve month low of $14.70 and a twelve month high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The firm's 50 day moving average price is $18.54 and its two-hundred day moving average price is $20.23.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (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 for the quarter, compared to the consensus estimate of $823.56 million. During the same quarter last year, the business posted $0.31 EPS. The company's revenue for the quarter was down 1.7% on a year-over-year basis. On average, analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GTES. The Goldman Sachs Group lowered their price target on 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 boosted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a report on Wednesday, February 19th. Morgan Stanley cut their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. KeyCorp lifted their price target on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Finally, Royal Bank of Canada boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.89.

About Gates Industrial

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.

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