Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Confluence Investment Management LLC

Confluence Investment Management LLC lowered its stake in shares of Gates Industrial Corp PLC (NYSE:GTESGet Rating) by 3.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,577,846 shares of the company’s stock after selling 49,204 shares during the quarter. Confluence Investment Management LLC’s holdings in Gates Industrial were worth $17,057,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its position in shares of Gates Industrial by 19.8% during the fourth quarter. SG Americas Securities LLC now owns 7,539 shares of the company’s stock worth $120,000 after acquiring an additional 1,247 shares during the last quarter. Bank of America Corp DE grew its position in shares of Gates Industrial by 23.6% during the fourth quarter. Bank of America Corp DE now owns 258,361 shares of the company’s stock worth $4,110,000 after acquiring an additional 49,265 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Gates Industrial by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,000,684 shares of the company’s stock worth $31,830,000 after acquiring an additional 100,568 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Gates Industrial during the fourth quarter worth approximately $180,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Gates Industrial during the fourth quarter worth approximately $1,943,000.

Gates Industrial Price Performance

Gates Industrial stock opened at $10.86 on Monday. Gates Industrial Corp PLC has a one year low of $10.33 and a one year high of $18.18. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.01 and a current ratio of 2.91. The business has a fifty day moving average of $11.56 and a two-hundred day moving average of $12.56. The company has a market cap of $3.07 billion, a P/E ratio of 14.88 and a beta of 1.62.

Gates Industrial (NYSE:GTESGet Rating) last released its earnings results on Friday, August 5th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Gates Industrial had a return on equity of 9.79% and a net margin of 6.24%. The company had revenue of $906.80 million during the quarter, compared to the consensus estimate of $918.39 million. During the same quarter last year, the company earned $0.42 earnings per share. Gates Industrial’s quarterly revenue was down .9% compared to the same quarter last year. As a group, analysts predict that Gates Industrial Corp PLC will post 1.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Evercore ISI lowered shares of Gates Industrial from an “outperform” rating to an “in-line” rating and lowered their target price for the stock from $15.00 to $13.50 in a research report on Thursday, August 11th. KeyCorp lowered their price objective on shares of Gates Industrial from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. Citigroup lowered their price objective on shares of Gates Industrial from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, August 8th. Barclays lowered their price objective on shares of Gates Industrial from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Friday, July 8th. Finally, The Goldman Sachs Group lowered their price objective on shares of Gates Industrial from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, June 23rd. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $13.94.

Gates Industrial Profile

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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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Institutional Ownership by Quarter for Gates Industrial (NYSE:GTES)

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