London Co. of Virginia Decreases Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

London Co. of Virginia lessened its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 0.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,536,319 shares of the company’s stock after selling 5,987 shares during the quarter. London Co. of Virginia owned approximately 0.60% of Gates Industrial worth $31,602,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. HighPoint Advisor Group LLC boosted its position in shares of Gates Industrial by 3.2% during the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock worth $331,000 after acquiring an additional 452 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in Gates Industrial by 3.6% during the fourth quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company’s stock worth $298,000 after purchasing an additional 504 shares in the last quarter. MetLife Investment Management LLC lifted its position in shares of Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after buying an additional 567 shares during the last quarter. United Services Automobile Association boosted its holdings in shares of Gates Industrial by 4.8% in the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock valued at $289,000 after buying an additional 646 shares in the last quarter. Finally, Utah Retirement Systems grew its position in shares of Gates Industrial by 6.4% in the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company’s stock valued at $241,000 after buying an additional 700 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GTES. The Goldman Sachs Group decreased their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Citigroup cut their price target on Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Barclays lowered their target price on shares of Gates Industrial from $25.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Evercore ISI upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.78.

Gates Industrial Stock Performance

NYSE GTES opened at $20.75 on Monday. The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of 28.42 and a beta of 1.23. The business’s 50 day moving average is $18.51 and its two-hundred day moving average is $20.21. Gates Industrial Corp PLC has a 12-month low of $14.70 and a 12-month high of $23.85. 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 released its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The company had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. During the same quarter last year, the company earned $0.31 earnings per share. Gates Industrial’s quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insiders Place Their Bets

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