ClariVest Asset Management LLC Cuts Stake in Gates Industrial Corp PLC (NYSE:GTES)

ClariVest Asset Management LLC decreased its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 0.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,871 shares of the company’s stock after selling 736 shares during the quarter. ClariVest Asset Management LLC’s holdings in Gates Industrial were worth $1,215,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GTES. Headlands Technologies LLC lifted its stake in shares of Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after buying an additional 1,320 shares during the period. TFO Wealth Partners LLC grew its stake in Gates Industrial by 68,390.0% during the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. increased its holdings in shares of Gates Industrial by 26.4% in the fourth quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock valued at $106,000 after purchasing an additional 1,654 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Gates Industrial during the fourth quarter worth about $147,000. Finally, Levin Capital Strategies L.P. purchased a new stake in Gates Industrial in the second quarter valued at approximately $158,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GTES. Evercore ISI lifted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. The Goldman Sachs Group boosted their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Morgan Stanley began coverage on Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Robert W. Baird lowered their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.40.

Gates Industrial Stock Up 2.0 %

GTES opened at $16.69 on Thursday. The company has a market cap of $4.36 billion, a PE ratio of 18.34 and a beta of 1.41. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $19.07. The company has a 50-day moving average price of $16.96 and a 200 day moving average price of $16.84. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68.

Gates Industrial (NYSE:GTES) last released its earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The business had revenue of $885.50 million for the quarter, compared to the consensus estimate of $893.00 million. Sell-side analysts expect that Gates Industrial Corp PLC will post 1.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the purchase, the director now owns 6,000 shares in the company, valued at approximately $100,800. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

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.