Envestnet Asset Management Inc. Sells 26,153 Shares of Gates Industrial Corporation PLC (NYSE:GTES)

Envestnet Asset Management Inc. reduced its stake in Gates Industrial Corporation PLC (NYSE:GTES) by 2.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,110,929 shares of the company’s stock after selling 26,153 shares during the period. Envestnet Asset Management Inc. owned 0.43% of Gates Industrial worth $20,452,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. OneDigital Investment Advisors LLC boosted its position in shares of Gates Industrial by 12.2% in the 1st quarter. OneDigital Investment Advisors LLC now owns 19,599 shares of the company’s stock worth $361,000 after purchasing an additional 2,135 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Gates Industrial by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,128,867 shares of the company’s stock worth $20,782,000 after purchasing an additional 29,763 shares during the last quarter. Summit Trail Advisors LLC boosted its position in shares of Gates Industrial by 44.3% in the 1st quarter. Summit Trail Advisors LLC now owns 56,829 shares of the company’s stock worth $1,046,000 after purchasing an additional 17,453 shares during the last quarter. Highland Capital Management LLC bought a new position in shares of Gates Industrial in the 1st quarter worth $986,000. Finally, Illinois Municipal Retirement Fund boosted its position in shares of Gates Industrial by 6.7% in the 1st quarter. Illinois Municipal Retirement Fund now owns 127,886 shares of the company’s stock worth $2,354,000 after purchasing an additional 8,006 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Performance

GTES opened at $24.39 on Thursday. The business’s 50-day moving average price is $22.39 and its two-hundred day moving average price is $20.66. Gates Industrial Corporation PLC has a 1 year low of $14.70 and a 1 year high of $24.95. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of 29.74 and a beta of 1.22. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The business had revenue of $847.60 million during the quarter, compared to analysts’ expectations of $823.56 million. During the same quarter in the prior year, the company posted $0.31 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. Equities analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GTES. Morgan Stanley reduced their target price on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Barclays lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the stock an “overweight” rating in a report on Wednesday, July 9th. KeyCorp lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. The Goldman Sachs Group lifted their target price on Gates Industrial from $20.00 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, May 27th. Finally, Royal Bank Of Canada lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.44.

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.