OneDigital Investment Advisors LLC Sells 776 Shares of Gates Industrial Corp PLC (NYSE:GTES)

OneDigital Investment Advisors LLC decreased its position in Gates Industrial Corp PLC (NYSE:GTES) by 4.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,464 shares of the company’s stock after selling 776 shares during the quarter. OneDigital Investment Advisors LLC’s holdings in Gates Industrial were worth $359,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. HighTower Advisors LLC bought a new position in shares of Gates Industrial in the 3rd quarter worth about $179,000. Geode Capital Management LLC boosted its position in shares of Gates Industrial by 16.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,460,855 shares of the company’s stock worth $60,755,000 after purchasing an additional 476,962 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Gates Industrial by 138.0% in the 3rd quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock worth $68,159,000 after buying an additional 2,220,277 shares during the last quarter. Principal Financial Group Inc. increased its position in Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock valued at $18,670,000 after buying an additional 1,048,596 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake in Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after buying an additional 1,598 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GTES. Citigroup dropped their price target on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Royal Bank of Canada raised their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. KeyCorp reduced their target price on Gates Industrial from $27.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. The Goldman Sachs Group lowered their price target on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Finally, Barclays cut their target price on shares of Gates Industrial from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.67.

Insider Activity

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.

Gates Industrial Stock Performance

NYSE:GTES opened at $16.93 on Friday. The stock has a 50-day simple moving average of $19.45 and a two-hundred day simple moving average of $20.08. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. Gates Industrial Corp PLC has a 52-week low of $14.70 and a 52-week high of $23.85. The firm has a market capitalization of $4.32 billion, a PE ratio of 23.19 and a beta of 1.24.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

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.