Jane Street Group LLC Trims Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Jane Street Group LLC trimmed its position in Gates Industrial Corp PLC (NYSE:GTES) by 87.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,579 shares of the company’s stock after selling 252,030 shares during the quarter. Jane Street Group LLC’s holdings in Gates Industrial were worth $711,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV increased its holdings in Gates Industrial by 2,487.4% in the 4th quarter. KBC Group NV now owns 146,086 shares of the company’s stock worth $3,005,000 after acquiring an additional 140,440 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in Gates Industrial in the 4th quarter worth approximately $529,000. PNC Financial Services Group Inc. increased its holdings in Gates Industrial by 69.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company’s stock worth $353,000 after acquiring an additional 7,036 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Gates Industrial by 101.0% in the 4th quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company’s stock worth $55,935,000 after acquiring an additional 1,366,431 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after purchasing an additional 567 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GTES has been the subject of several recent analyst reports. Morgan Stanley dropped their price target on 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. Citigroup dropped their price target on Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Evercore ISI upped their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Barclays upped their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th. Finally, KeyCorp upped their price target on Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.89.

Insider Buying and Selling

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of the stock in a transaction that occurred 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 transaction, 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 filing with the SEC, which is available at this link. 2.30% of the stock is owned by corporate insiders.

Gates Industrial Stock Down 0.3%

NYSE GTES opened at $20.95 on Monday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company has a market capitalization of $5.40 billion, a P/E ratio of 28.70 and a beta of 1.23. Gates Industrial Corp PLC has a one year low of $14.70 and a one year high of $23.85. The stock has a 50 day moving average price of $18.96 and a 200-day moving average price of $20.36.

Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The firm 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%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.31 EPS. As a group, equities analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal 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.