Point72 Hong Kong Ltd Reduces Position in Gates Industrial Corp PLC (NYSE:GTES)

Point72 Hong Kong Ltd lowered its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 39.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 20,160 shares of the company's stock after selling 13,069 shares during the period. Point72 Hong Kong Ltd's holdings in Gates Industrial were worth $415,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Polar Asset Management Partners Inc. acquired a new position in shares of Gates Industrial in the fourth quarter valued at about $3,816,000. Quantinno Capital Management LP grew its position in Gates Industrial by 100.2% in the fourth quarter. Quantinno Capital Management LP now owns 404,852 shares of the company's stock valued at $8,328,000 after acquiring an additional 202,588 shares during the last quarter. Nuveen Asset Management LLC increased its position in Gates Industrial by 2.3% during the 4th quarter. Nuveen Asset Management LLC now owns 501,433 shares of the company's stock worth $10,314,000 after purchasing an additional 11,392 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Gates Industrial by 278.7% in the 4th quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock valued at $27,090,000 after acquiring an additional 969,263 shares during the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new stake in shares of Gates Industrial during the fourth quarter valued at about $1,543,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Royal Bank of Canada increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Barclays lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Morgan Stanley cut their target price on 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. Evercore ISI upped their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. Finally, The Goldman Sachs Group cut 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. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Gates Industrial has a consensus rating of "Moderate Buy" and a consensus target price of $22.89.

Gates Industrial Price Performance

GTES stock traded down $0.30 during mid-day trading on Wednesday, hitting $21.29. 2,302,679 shares of the stock were exchanged, compared to its average volume of 2,651,121. The business has a fifty day moving average price of $18.86 and a 200 day moving average price of $20.35. Gates Industrial Corp PLC has a 12 month low of $14.70 and a 12 month high of $23.85. 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 stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 29.17 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 company had revenue of $847.60 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS. On average, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.30% of the company's stock.

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.