Sumitomo Mitsui Trust Group Inc. Sells 6,694 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Sumitomo Mitsui Trust Group Inc. lowered its position in Gates Industrial Corp PLC (NYSE:GTES) by 15.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 36,952 shares of the company’s stock after selling 6,694 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Gates Industrial were worth $760,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Versant Capital Management Inc boosted its holdings in Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after buying an additional 1,598 shares during the period. Venturi Wealth Management LLC lifted 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 worth $54,000 after purchasing an additional 814 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in Gates Industrial in the 3rd quarter worth $67,000. Quarry LP purchased a new stake in Gates Industrial in the 3rd quarter worth $71,000. Finally, Covestor Ltd lifted its stake in Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after purchasing an additional 1,001 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

GTES has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Royal Bank of Canada boosted their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Citigroup decreased their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. KeyCorp upped their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group upped their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.20.

Gates Industrial Trading Up 2.2 %

NYSE:GTES opened at $22.67 on Friday. Gates Industrial Corp PLC has a 52 week low of $13.17 and a 52 week high of $23.34. The firm has a 50 day moving average of $21.00 and a 200 day moving average of $19.45. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 31.06 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last posted its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. As a group, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.4 earnings per share for the current fiscal 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.