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 lessened its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 48.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 approximately 0.06% of Gates Industrial worth $3,067,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC boosted its holdings in Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after purchasing an additional 6,383,165 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock valued at $317,461,000 after acquiring an additional 616,687 shares during the period. Invesco Ltd. boosted its holdings in shares of Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock valued at $152,354,000 after acquiring an additional 168,328 shares during the period. Fiduciary Management Inc. WI boosted its holdings in shares of Gates Industrial by 0.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock valued at $148,615,000 after acquiring an additional 21,191 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of Gates Industrial by 1.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock valued at $135,145,000 after acquiring an additional 85,253 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Evercore ISI boosted their price target 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. KeyCorp upped their price objective on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. 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 report on Wednesday, March 19th. Morgan Stanley dropped their price target on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock 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 stock an "outperform" rating in a research report on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Gates Industrial currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.89.

Gates Industrial Trading Up 1.1%

NYSE GTES traded up $0.25 on Friday, hitting $22.16. 1,959,986 shares of the company were exchanged, compared to its average volume of 2,935,138. The company's 50 day moving average price is $18.75 and its 200-day moving average price is $20.32. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The firm has a market capitalization of $5.71 billion, a P/E ratio of 30.35 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.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. The firm 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%. Gates Industrial's quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.31 earnings per share. Analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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.