Everence Capital Management Inc. Cuts Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Everence Capital Management Inc. lowered its stake in Gates Industrial Corp PLC (NYSE:GTES) by 6.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,160 shares of the company’s stock after selling 890 shares during the period. Everence Capital Management Inc.’s holdings in Gates Industrial were worth $271,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its stake in Gates Industrial by 2.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares during the period. FMR LLC grew its holdings in shares of Gates Industrial by 4.5% in the third quarter. FMR LLC now owns 13,059,271 shares of the company’s stock worth $229,190,000 after purchasing an additional 562,643 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after buying an additional 1,037,741 shares during the period. State Street Corp raised its holdings in Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after buying an additional 3,459,450 shares during the last quarter. Finally, Zimmer Partners LP boosted its position in Gates Industrial by 141.2% during the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock valued at $73,946,000 after buying an additional 2,466,543 shares during the period. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on GTES shares. Jefferies Financial Group upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Citigroup increased their price objective on Gates Industrial from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, December 9th. KeyCorp boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Royal Bank of Canada upped their target price on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Finally, Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $21.00 to $25.00 in a report on Thursday, December 5th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.80.

Gates Industrial Stock Performance

Shares of GTES stock opened at $20.54 on Wednesday. The company’s fifty day moving average price is $21.21 and its 200-day moving average price is $18.59. The stock has a market cap of $5.23 billion, a PE ratio of 24.75 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 12 month low of $12.40 and a 12 month high of $23.34.

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.