Integrated Wealth Concepts LLC Sells 4,153 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Integrated Wealth Concepts LLC trimmed its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 27.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 10,796 shares of the company’s stock after selling 4,153 shares during the period. Integrated Wealth Concepts LLC’s holdings in Gates Industrial were worth $189,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in GTES. 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 valued at $27,000 after acquiring an additional 1,320 shares during the period. Venturi Wealth Management LLC boosted its stake in shares of Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Gates Industrial in the 3rd quarter valued at $67,000. GAMMA Investing LLC increased its position in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after purchasing an additional 2,998 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after purchasing an additional 1,001 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GTES. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. KeyCorp lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Jefferies Financial Group increased their target price on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Morgan Stanley started 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, Citigroup upped their price target on shares of Gates Industrial from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.80.

Gates Industrial Stock Performance

Gates Industrial stock opened at $21.99 on Friday. The company has a market cap of $5.60 billion, a PE ratio of 26.49 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 1 year low of $12.03 and a 1 year high of $23.34. The company’s 50-day moving average is $20.30 and its two-hundred day moving average is $18.07.

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.