Essex Investment Management Co. LLC Sells 2,792 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Essex Investment Management Co. LLC decreased its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 58.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,996 shares of the company’s stock after selling 2,792 shares during the period. Essex Investment Management Co. LLC’s holdings in Gates Industrial were worth $41,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Assetmark Inc. boosted its holdings in shares of Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after acquiring an additional 1,514 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares in the last quarter. SRS Capital Advisors Inc. boosted its holdings in shares of Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after acquiring an additional 724 shares in the last quarter. Finally, Quarry LP acquired a new stake in shares of Gates Industrial during the 3rd quarter valued at $71,000. Institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GTES. KeyCorp raised their price objective on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Jefferies Financial Group raised their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Citigroup cut 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. Evercore ISI lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. Finally, Royal Bank of Canada lifted their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.22.

Gates Industrial Stock Down 4.4 %

Shares of NYSE:GTES opened at $18.97 on Tuesday. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of 25.98 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The business’s 50-day moving average is $21.05 and its 200-day moving average is $19.95. Gates Industrial Corp PLC has a 1 year low of $15.14 and a 1 year high of $23.85.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Equities research analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share 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.