Alliancebernstein L.P. Cuts Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Alliancebernstein L.P. trimmed its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 16.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,369,545 shares of the company’s stock after selling 1,242,218 shares during the quarter. Alliancebernstein L.P. owned 2.50% of Gates Industrial worth $131,022,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its position in shares of Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock worth $317,461,000 after acquiring an additional 616,687 shares during the period. State Street Corp increased 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 worth $114,485,000 after purchasing an additional 3,459,450 shares during the period. Jennison Associates LLC raised its position in Gates Industrial by 31.5% in the 4th quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock valued at $109,038,000 after purchasing an additional 1,268,716 shares in the last quarter. GW&K Investment Management LLC boosted its stake in shares of Gates Industrial by 25.8% in the 4th quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company’s stock valued at $105,017,000 after buying an additional 1,047,946 shares during the period. Finally, Zimmer Partners LP boosted its stake in shares of Gates Industrial by 141.2% in 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. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on GTES. Evercore ISI boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. Jefferies Financial Group boosted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. KeyCorp lifted their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Citigroup dropped their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Finally, Royal Bank of Canada boosted their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Gates Industrial Stock Performance

Shares of GTES opened at $19.25 on Thursday. The company’s 50 day simple moving average is $20.66 and its 200-day simple moving average is $20.19. Gates Industrial Corp PLC has a 12-month low of $15.14 and a 12-month high of $23.85. The firm has a market cap of $4.92 billion, a PE ratio of 26.37 and a beta of 1.24. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data 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 9.75%. As a group, equities analysts predict that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by company insiders.

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.