Public Employees Retirement System of Ohio Decreases Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Public Employees Retirement System of Ohio decreased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 18.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,676 shares of the company’s stock after selling 10,412 shares during the period. Public Employees Retirement System of Ohio’s holdings in Gates Industrial were worth $530,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Natixis Advisors L.P. raised its holdings in shares of Gates Industrial by 2.1% in the second quarter. Natixis Advisors L.P. now owns 47,443 shares of the company’s stock worth $640,000 after buying an additional 982 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Gates Industrial by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,784 shares of the company’s stock worth $234,000 after buying an additional 1,060 shares during the last quarter. Mariner LLC raised its holdings in shares of Gates Industrial by 3.2% in the first quarter. Mariner LLC now owns 38,507 shares of the company’s stock worth $580,000 after buying an additional 1,212 shares during the last quarter. Prelude Capital Management LLC raised its holdings in shares of Gates Industrial by 7.4% in the first quarter. Prelude Capital Management LLC now owns 20,565 shares of the company’s stock worth $310,000 after buying an additional 1,415 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of Gates Industrial by 42.8% in the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after buying an additional 1,454 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

GTES has been the subject of a number of research analyst reports. Evercore ISI raised their price target on shares of Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. Jefferies Financial Group initiated coverage on shares of Gates Industrial in a report on Thursday, February 29th. They set a “buy” rating and a $21.00 target price for the company. KeyCorp raised shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 target price for the company in a report on Thursday, February 22nd. TheStreet raised shares of Gates Industrial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Finally, Wolfe Research raised shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price for the company in a report on Friday, March 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $17.17.

Gates Industrial Stock Up 1.3 %

GTES opened at $17.74 on Thursday. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $17.81. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.25 and a current ratio of 3.08. The company has a fifty day moving average of $14.64 and a two-hundred day moving average of $12.94. The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of 20.87 and a beta of 1.55.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. The company had revenue of $863.30 million during the quarter, compared to analysts’ expectations of $892.40 million. On average, research analysts expect that Gates Industrial Corp PLC will post 1.32 earnings per share for the current year.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of Gates Industrial stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.04, for a total value of $292,284,244.00. Following the completion of the transaction, the insider now owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Neil P. Simpkins bought 1,000,000 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was acquired at an average price of $12.20 per share, with a total value of $12,200,000.00. Following the completion of the purchase, the director now directly owns 1,000,000 shares of the company’s stock, valued at $12,200,000. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the sale, the insider now directly owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The disclosure for this sale can be found here. Over the last quarter, insiders bought 1,030,492 shares of company stock valued at $12,582,402. Corporate insiders own 2.30% of the company’s stock.

About Gates Industrial

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.