QRG Capital Management Inc. Sells 26,310 Shares of Gates Industrial Corporation PLC $GTES

QRG Capital Management Inc. trimmed its position in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 72.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,066 shares of the company’s stock after selling 26,310 shares during the quarter. QRG Capital Management Inc.’s holdings in Gates Industrial were worth $250,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GTES. Exchange Traded Concepts LLC purchased a new position in Gates Industrial in the third quarter worth $4,472,000. D.A. Davidson & CO. acquired a new stake in shares of Gates Industrial in the 2nd quarter worth $319,000. Voya Investment Management LLC boosted its position in shares of Gates Industrial by 751.7% in the 3rd quarter. Voya Investment Management LLC now owns 1,137,088 shares of the company’s stock worth $28,223,000 after purchasing an additional 1,003,580 shares in the last quarter. Oak Thistle LLC purchased a new position in Gates Industrial during the 3rd quarter worth $1,428,000. Finally, Envestnet Asset Management Inc. increased its position in Gates Industrial by 2.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,133,515 shares of the company’s stock valued at $26,105,000 after buying an additional 22,586 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Transactions at Gates Industrial

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total value of $505,220.76. Following the sale, the chief financial officer directly owned 177,627 shares of the company’s stock, valued at approximately $4,044,566.79. This represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is owned by corporate insiders.

Gates Industrial Stock Performance

Shares of NYSE GTES opened at $23.07 on Friday. The company has a 50 day simple moving average of $22.17 and a two-hundred day simple moving average of $23.80. The stock has a market cap of $5.96 billion, a price-to-earnings ratio of 25.36 and a beta of 1.24. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. Gates Industrial Corporation PLC has a 12 month low of $14.70 and a 12 month high of $26.46.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, December 29th. Citigroup reiterated a “buy” rating on shares of Gates Industrial in a research note on Monday, January 12th. Royal Bank Of Canada dropped their target price on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, October 30th. Wall Street Zen cut shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 10th. Finally, Zacks Research downgraded shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.09.

Gates Industrial Company Profile

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.