Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Kestra Investment Management LLC

Kestra Investment Management LLC decreased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 46.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,215 shares of the company’s stock after selling 13,797 shares during the quarter. Kestra Investment Management LLC’s holdings in Gates Industrial were worth $285,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in Gates Industrial by 2.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares during the period. FMR LLC boosted its stake in shares of Gates Industrial by 4.5% in the third quarter. FMR LLC now owns 13,059,271 shares of the company’s stock worth $229,190,000 after buying an additional 562,643 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Gates Industrial by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after acquiring an additional 1,037,741 shares during the period. LSV Asset Management raised its position in Gates Industrial by 19.9% during the second quarter. LSV Asset Management now owns 4,137,951 shares of the company’s stock valued at $65,421,000 after acquiring an additional 686,080 shares in the last quarter. Finally, Jennison Associates LLC lifted its holdings in Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after acquiring an additional 1,268,407 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $22.28 on Tuesday. The stock has a market capitalization of $5.68 billion, a P/E ratio of 26.84 and a beta of 1.38. The business has a 50 day simple moving average of $19.42 and a two-hundred day simple moving average of $17.78. Gates Industrial Corp PLC has a 12 month low of $11.22 and a 12 month high of $22.48. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Analyst Ratings Changes

A number of brokerages have recently commented on GTES. Evercore ISI raised their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. KeyCorp raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Morgan Stanley initiated coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Finally, Barclays upped their price target on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.40.

Gates Industrial 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.