Quadrature Capital Ltd Sells 8,521 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Quadrature Capital Ltd lessened its position in Gates Industrial Corp PLC (NYSE:GTES) by 12.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,842 shares of the company’s stock after selling 8,521 shares during the period. Quadrature Capital Ltd’s holdings in Gates Industrial were worth $777,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Gates Industrial by 11.0% in the 4th quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company’s stock valued at $205,726,000 after acquiring an additional 1,519,041 shares during the period. Nebula Research & Development LLC bought a new stake in shares of Gates Industrial during the 4th quarter worth about $984,000. Fiduciary Management Inc. WI boosted its holdings in shares of Gates Industrial by 31.6% during the 4th quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company’s stock worth $94,369,000 after buying an additional 1,689,991 shares during the period. Clark Estates Inc. NY bought a new stake in shares of Gates Industrial during the 4th quarter worth about $3,436,000. Finally, Jade Capital Advisors LLC bought a new stake in shares of Gates Industrial during the 4th quarter worth about $2,348,000. Institutional investors own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. The Goldman Sachs Group lifted their target price on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Jefferies Financial Group assumed coverage on shares of Gates Industrial in a report on Thursday, February 29th. They set a “buy” rating and a $21.00 target price for the company. Robert W. Baird lifted their target price on shares of Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Citigroup lifted their target price on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a research note on Friday, March 8th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and a consensus target price of $19.13.

Insider Activity

In other news, major shareholder Blackstone Inc. sold 20,125,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the transaction, the insider now directly owns 77,326 shares in the company, valued at approximately $1,262,733.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $16.18 on Friday. The company has a 50-day simple moving average of $16.97 and a two-hundred day simple moving average of $15.31. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of 17.78 and a beta of 1.43. The company has a quick ratio of 2.15, a current ratio of 3.06 and a debt-to-equity ratio of 0.69. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $17.99.

Gates Industrial (NYSE:GTES) last issued its earnings results on Wednesday, May 1st. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. The company had revenue of $862.60 million during the quarter, compared to analysts’ expectations of $866.00 million. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. Analysts forecast that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

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.