Sanctuary Advisors LLC Cuts Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Sanctuary Advisors LLC trimmed its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 38.3% in the third quarter, Holdings Channel reports. The firm owned 21,975 shares of the company’s stock after selling 13,662 shares during the period. Sanctuary Advisors LLC’s holdings in Gates Industrial were worth $386,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Headlands Technologies LLC boosted its position in shares of 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 buying an additional 1,320 shares during the period. Venturi Wealth Management LLC boosted its holdings in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after acquiring an additional 814 shares during the period. Capital Performance Advisors LLP acquired a new stake in Gates Industrial in the third quarter valued at approximately $67,000. GAMMA Investing LLC raised its stake in shares of Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares during the period. Finally, Quarry LP acquired a new position in shares of Gates Industrial during the third quarter worth $71,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GTES shares. Jefferies Financial Group raised their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Citigroup raised their target price on Gates Industrial from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, December 9th. The Goldman Sachs Group lifted their target price on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Morgan Stanley began coverage on Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target for the company. Finally, Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and an average price target of $22.80.

Gates Industrial Price Performance

Shares of GTES opened at $21.02 on Friday. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm has a market cap of $5.35 billion, a price-to-earnings ratio of 25.33 and a beta of 1.38. Gates Industrial Corp PLC has a 52 week low of $12.40 and a 52 week high of $23.34. The stock has a 50 day moving average of $20.83 and a 200-day moving average of $18.30.

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.