Foundry Partners LLC Has $3.81 Million Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Foundry Partners LLC lessened its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 23.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 185,253 shares of the company’s stock after selling 56,727 shares during the quarter. Foundry Partners LLC’s holdings in Gates Industrial were worth $3,811,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of GTES. Cinctive Capital Management LP acquired a new stake in shares of Gates Industrial during the fourth quarter valued at approximately $1,628,000. Geode Capital Management LLC raised its stake in Gates Industrial by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 3,657,458 shares of the company’s stock valued at $75,259,000 after purchasing an additional 196,603 shares during the period. HighPoint Advisor Group LLC lifted its holdings in shares of Gates Industrial by 3.2% in the fourth quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock valued at $331,000 after purchasing an additional 452 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Gates Industrial by 25.7% in the fourth quarter. Franklin Resources Inc. now owns 4,812,887 shares of the company’s stock worth $99,001,000 after buying an additional 983,732 shares during the period. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of Gates Industrial by 70.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 10,199 shares of the company’s stock valued at $205,000 after buying an additional 4,199 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GTES shares. Barclays reduced their price objective on Gates Industrial from $26.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday, March 26th. Royal Bank of Canada raised their price target 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. KeyCorp upped their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Evercore ISI lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Finally, Jefferies Financial Group upped their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, 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 document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Gates Industrial Stock Down 6.5 %

GTES stock opened at $15.78 on Friday. The firm has a market cap of $4.03 billion, a PE ratio of 21.61 and a beta of 1.24. Gates Industrial Corp PLC has a 1 year low of $15.11 and a 1 year high of $23.85. The company has a fifty day simple moving average of $20.48 and a 200 day simple moving average of $20.16. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

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.