Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd cut its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 39.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 SEC filing.

A number of other hedge funds have also added to or reduced their stakes in GTES. Principal Financial Group Inc. increased its stake in shares of Gates Industrial by 6,879.6% in the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock worth $18,670,000 after purchasing an additional 1,048,596 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Gates Industrial in the 4th quarter worth $2,154,000. Park Avenue Securities LLC boosted its holdings in shares of Gates Industrial by 29.1% during the 4th quarter. Park Avenue Securities LLC now owns 49,939 shares of the company's stock valued at $1,027,000 after purchasing an additional 11,251 shares during the last quarter. Kera Capital Partners Inc. bought a new position in shares of Gates Industrial during the 4th quarter valued at about $205,000. Finally, Oliver Luxxe Assets LLC bought a new position in shares of Gates Industrial during the 4th quarter valued at about $1,665,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GTES has been the subject of several research analyst reports. Evercore ISI lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Morgan Stanley lowered their price objective on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Thursday. Royal Bank of Canada upped their price objective 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. Finally, Citigroup cut their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $22.89.

Gates Industrial Price Performance

Shares of GTES stock remained flat at $21.30 during mid-day trading on Thursday. 321,092 shares of the stock traded hands, compared to its average volume of 2,905,884. Gates Industrial Corp PLC has a one year low of $14.70 and a one year high of $23.85. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of 29.15 and a beta of 1.23. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The company has a fifty day simple moving average of $18.89 and a 200-day simple moving average of $20.36.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) 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 analysts' expectations of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.31 earnings per share. On average, analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the firm's stock in a transaction on Friday, March 7th. The stock was bought at an average cost 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 in the company, valued at $3,686,121.12. This represents a 46.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by insiders.

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.