Confluence Investment Management LLC Sells 34,323 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Confluence Investment Management LLC decreased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 3.2% during the 4th quarter, HoldingsChannel reports. The fund owned 1,044,605 shares of the company’s stock after selling 34,323 shares during the period. Confluence Investment Management LLC’s holdings in Gates Industrial were worth $21,488,000 at the end of the most recent reporting period.

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

Gates Industrial Stock Down 0.3 %

Shares of GTES traded down $0.06 during trading hours on Thursday, reaching $20.51. 286,071 shares of the stock traded hands, compared to its average volume of 3,004,027. Gates Industrial Corp PLC has a 52 week low of $12.40 and a 52 week high of $23.34. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 24.71 and a beta of 1.38. The stock has a fifty day simple moving average of $21.04 and a 200 day simple moving average of $18.45. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada raised their price target on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. KeyCorp boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. Finally, Morgan Stanley started coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.80.

Gates Industrial Company 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.