American Century Companies Inc. Sells 1,644,123 Shares of Gates Industrial Corp PLC (NYSE:GTES)

American Century Companies Inc. trimmed its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 23.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,431,500 shares of the company’s stock after selling 1,644,123 shares during the period. American Century Companies Inc.’s holdings in Gates Industrial were worth $85,872,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Headlands Technologies LLC grew its position in Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after acquiring an additional 1,320 shares in the last quarter. TFO Wealth Partners LLC grew its position in Gates Industrial by 68,390.0% in 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 in the last quarter. Johnson Financial Group Inc. grew its position in Gates Industrial by 26.4% in the fourth 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 in the last quarter. Levin Capital Strategies L.P. bought a new stake in Gates Industrial in the second quarter worth approximately $158,000. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in Gates Industrial in the fourth quarter worth approximately $147,000. 98.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of Gates Industrial stock in a transaction dated Wednesday, August 21st. The stock was bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now owns 6,000 shares of the company’s stock, valued at $100,800. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by insiders.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $17.07 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $19.07. The firm has a fifty day moving average price of $17.04 and a two-hundred day moving average price of $16.86. The company has a market cap of $4.47 billion, a PE ratio of 18.76 and a beta of 1.41.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The firm had revenue of $885.50 million during the quarter, compared to the consensus estimate of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. Analysts expect that Gates Industrial Corp PLC will post 1.24 EPS for the current year.

Gates Industrial Company 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.