Bailard Inc. Cuts Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Bailard Inc. lessened its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 14.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,324 shares of the company’s stock after selling 4,500 shares during the quarter. Bailard Inc.’s holdings in Gates Industrial were worth $416,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GTES. Cerity Partners LLC acquired a new position in shares of Gates Industrial during the 4th quarter worth $148,000. CWM LLC lifted its position in shares of Gates Industrial by 102.2% during the 4th quarter. CWM LLC now owns 15,028 shares of the company’s stock valued at $202,000 after acquiring an additional 7,595 shares during the period. Handelsbanken Fonder AB acquired a new stake in shares of Gates Industrial during the 4th quarter valued at approximately $200,000. GAMMA Investing LLC purchased a new stake in shares of Gates Industrial during the 4th quarter worth approximately $27,000. Finally, Truist Financial Corp grew its holdings in shares of Gates Industrial by 23.0% in the 4th quarter. Truist Financial Corp now owns 232,425 shares of the company’s stock worth $3,119,000 after acquiring an additional 43,472 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $17.93 on Tuesday. The business has a fifty day simple moving average of $16.67 and a 200-day simple moving average of $16.55. Gates Industrial Corp PLC has a 52 week low of $10.68 and a 52 week high of $19.07. The company has a market cap of $4.69 billion, a P/E ratio of 19.70 and a beta of 1.44. The company has a quick ratio of 2.15, a current ratio of 3.11 and a debt-to-equity ratio of 0.68.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. The company had revenue of $885.50 million during the quarter, compared to analysts’ expectations of $893.00 million. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. Equities research analysts forecast that Gates Industrial Corp PLC will post 1.27 EPS for the current year.

Insider Activity at Gates Industrial

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GTES. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Barclays dropped their target price on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Tuesday, June 4th. Evercore ISI upped their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Robert W. Baird dropped 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. Finally, The Goldman Sachs Group upped their target price on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.44.

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.