Natixis Advisors L.P. Decreases Stake in Gates Industrial Corp PLC (NYSE:GTES)

Natixis Advisors L.P. lowered its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 31.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 46,461 shares of the company’s stock after selling 20,985 shares during the quarter. Natixis Advisors L.P.’s holdings in Gates Industrial were worth $645,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Tower Research Capital LLC TRC grew its holdings in shares of Gates Industrial by 207.3% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company’s stock worth $33,000 after purchasing an additional 1,588 shares during the period. HBK Sorce Advisory LLC acquired a new position in shares of Gates Industrial during the fourth quarter worth $40,000. Bessemer Group Inc. purchased a new position in shares of Gates Industrial in the fourth quarter valued at $79,000. Point72 Middle East FZE acquired a new stake in Gates Industrial during the 4th quarter valued at $103,000. Finally, Principal Financial Group Inc. purchased a new stake in Gates Industrial during the 2nd quarter worth $121,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GTES. Citigroup decreased their price objective on shares of Gates Industrial from $17.00 to $16.00 in a research report on Friday, August 4th. The Goldman Sachs Group lowered Gates Industrial from a “buy” rating to a “neutral” rating and set a $14.50 price objective for the company. in a research note on Tuesday, June 20th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Hold” and an average target price of $15.25.

Insider Transactions at Gates Industrial

In other news, major shareholder Aggregator (Cayman) L.P. Omaha sold 17,250,000 shares of Gates Industrial stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $11.57, for a total value of $199,582,500.00. Following the completion of the transaction, the insider now owns 169,223 shares in the company, valued at approximately $1,957,910.11. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

Shares of GTES opened at $12.14 on Thursday. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 15.18 and a beta of 1.56. The stock has a 50 day moving average of $12.76 and a 200-day moving average of $13.04. The company has a current ratio of 2.97, a quick ratio of 2.17 and a debt-to-equity ratio of 0.77. Gates Industrial Corp PLC has a 52 week low of $9.40 and a 52 week high of $14.93.

Gates Industrial (NYSE:GTES) last issued its earnings results on Friday, August 4th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.28 by $0.06. The company had revenue of $936.30 million during the quarter, compared to analyst estimates of $935.63 million. Gates Industrial had a return on equity of 9.07% and a net margin of 6.36%. As a group, analysts forecast that Gates Industrial Corp PLC will post 1.11 EPS for the current year.

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.