Gates Industrial Corporation PLC $GTES Shares Sold by Level Four Advisory Services LLC

Level Four Advisory Services LLC decreased its position in Gates Industrial Corporation PLC (NYSE:GTES) by 12.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 58,904 shares of the company’s stock after selling 8,620 shares during the quarter. Level Four Advisory Services LLC’s holdings in Gates Industrial were worth $1,357,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Driehaus Capital Management LLC raised its position in shares of Gates Industrial by 4,976.3% during the 1st quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company’s stock valued at $29,573,000 after acquiring an additional 1,574,701 shares in the last quarter. Shellback Capital LP acquired a new stake in shares of Gates Industrial during the first quarter worth $16,906,000. MetLife Investment Management LLC raised its holdings in shares of Gates Industrial by 20,006.5% during the first quarter. MetLife Investment Management LLC now owns 835,829 shares of the company’s stock worth $15,388,000 after purchasing an additional 831,672 shares during the period. Franklin Resources Inc. lifted its position in shares of Gates Industrial by 17.1% in the 2nd quarter. Franklin Resources Inc. now owns 5,661,320 shares of the company’s stock worth $130,380,000 after buying an additional 826,249 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Gates Industrial by 13.6% in the 1st quarter. American Century Companies Inc. now owns 6,200,432 shares of the company’s stock worth $114,150,000 after buying an additional 743,468 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $22.76 on Friday. The firm’s 50 day moving average is $23.85 and its two-hundred day moving average is $23.78. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $26.46. The firm has a market capitalization of $5.88 billion, a P/E ratio of 25.01 and a beta of 1.25. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GTES. Wall Street Zen downgraded shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Friday. Zacks Research downgraded Gates Industrial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. UBS Group lowered their target price on Gates Industrial from $30.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Industrial Alliance Securities set a $35.00 price target on Gates Industrial in a report on Monday, August 25th. Finally, Barclays restated an “overweight” rating and set a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $27.17.

Insider Activity

In related news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total value of $505,220.76. Following the completion of the transaction, the chief financial officer directly owned 177,627 shares of the company’s stock, valued at $4,044,566.79. This represents a 11.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.70% of the company’s stock.

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.