Sanctuary Advisors LLC Decreases Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Sanctuary Advisors LLC reduced its position in Gates Industrial Corp PLC (NYSE:GTES) by 38.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,975 shares of the company’s stock after selling 13,662 shares during the period. Sanctuary Advisors LLC’s holdings in Gates Industrial were worth $386,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Headlands Technologies LLC increased its position in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after buying an additional 1,320 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Gates Industrial during the 3rd quarter valued at about $67,000. GAMMA Investing LLC raised its position in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Gates Industrial in the third quarter valued at about $71,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Stock Performance

Shares of GTES stock opened at $21.02 on Friday. The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of 25.33 and a beta of 1.38. The company has a 50 day moving average price of $20.83 and a 200 day moving average price of $18.30. Gates Industrial Corp PLC has a one year low of $12.40 and a one year high of $23.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

Analysts Set New Price Targets

GTES has been the subject of several research reports. Royal Bank of Canada lifted their price objective on Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. The Goldman Sachs Group upped their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Morgan Stanley started coverage on Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective on the stock. Citigroup boosted their target price on shares of Gates Industrial from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and an average target price of $22.80.

Gates Industrial 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.