Leeward Investments LLC MA Trims Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Leeward Investments LLC MA trimmed its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 4.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,166,483 shares of the company’s stock after selling 50,332 shares during the period. Gates Industrial comprises approximately 0.9% of Leeward Investments LLC MA’s holdings, making the stock its 29th biggest holding. Leeward Investments LLC MA’s holdings in Gates Industrial were worth $20,658,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of GTES. GAMMA Investing LLC purchased a new position in Gates Industrial in the 4th quarter valued at about $27,000. Gladius Capital Management LP acquired a new stake in Gates Industrial during the fourth quarter worth approximately $48,000. TFO Wealth Partners LLC boosted its position in Gates Industrial by 68,390.0% during the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after acquiring an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. grew its stake in Gates Industrial by 26.4% in the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after acquiring an additional 1,654 shares during the period. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in Gates Industrial in the 4th quarter valued at $147,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GTES. Robert W. Baird raised their price objective on Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Barclays decreased their price target on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th. Citigroup upped their price objective on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Wolfe Research raised shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research report on Friday, March 8th. Finally, The Goldman Sachs Group upped their price target on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Gates Industrial has an average rating of “Moderate Buy” and an average price target of $19.13.

Gates Industrial Trading Up 1.3 %

Shares of NYSE:GTES traded up $0.20 during trading on Thursday, reaching $15.69. 1,187,115 shares of the stock were exchanged, compared to its average volume of 2,549,435. Gates Industrial Corp PLC has a 12-month low of $10.68 and a 12-month high of $17.99. The firm’s 50-day moving average price is $16.67 and its 200 day moving average price is $15.53. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.15 and a current ratio of 3.06. The firm has a market cap of $4.10 billion, a price-to-earnings ratio of 17.24 and a beta of 1.44.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. The company had revenue of $862.60 million during the quarter, compared to the consensus estimate of $866.00 million. On average, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Blackstone Inc. sold 20,125,000 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the sale, the insider now owns 77,326 shares in the company, valued at $1,262,733.58. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.30% of the stock is owned by corporate insiders.

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.