Corient Private Wealth LLC Sells 1,887 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Corient Private Wealth LLC reduced its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 161,200 shares of the company’s stock after selling 1,887 shares during the quarter. Corient Private Wealth LLC owned 0.06% of Gates Industrial worth $3,316,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Tectonic Advisors LLC grew its stake in shares of Gates Industrial by 3.6% during the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company’s stock valued at $429,000 after buying an additional 724 shares during the last quarter. SRS Capital Advisors Inc. boosted its holdings in shares of Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares during the period. Amalgamated Bank boosted its holdings in shares of Gates Industrial by 1.5% during the fourth quarter. Amalgamated Bank now owns 70,711 shares of the company’s stock worth $1,455,000 after purchasing an additional 1,047 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Gates Industrial by 29.0% during the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after purchasing an additional 1,130 shares during the period. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Gates Industrial by 14.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 9,005 shares of the company’s stock worth $184,000 after purchasing an additional 1,140 shares during the period. 98.50% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

GTES has been the subject of a number of analyst reports. Jefferies Financial Group increased their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Royal Bank of Canada increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. The Goldman Sachs Group lowered their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday. Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Finally, Barclays lowered their price objective on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.11.

Gates Industrial Price Performance

GTES stock opened at $19.33 on Friday. The firm has a 50 day moving average price of $20.84 and a 200-day moving average price of $20.04. Gates Industrial Corp PLC has a 52-week low of $15.14 and a 52-week high of $23.85. The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of 26.48 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

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.