Leeward Investments LLC MA Trims Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Leeward Investments LLC MA lowered its position in Gates Industrial Corp PLC (NYSE:GTES) by 4.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,166,483 shares of the company’s stock after selling 50,332 shares during the period. Gates Industrial makes up approximately 0.9% of Leeward Investments LLC MA’s investment portfolio, making the stock its 29th largest holding. Leeward Investments LLC MA owned 0.44% of Gates Industrial worth $20,658,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. UBS Group AG raised its stake in shares of Gates Industrial by 258.8% during the 3rd quarter. UBS Group AG now owns 254,501 shares of the company’s stock valued at $2,955,000 after buying an additional 183,569 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Gates Industrial by 51.7% during the third quarter. Envestnet Asset Management Inc. now owns 437,575 shares of the company’s stock valued at $5,080,000 after acquiring an additional 149,186 shares in the last quarter. Natixis Advisors L.P. lifted its holdings in Gates Industrial by 4.6% in the third quarter. Natixis Advisors L.P. now owns 49,641 shares of the company’s stock valued at $576,000 after acquiring an additional 2,198 shares during the period. Qube Research & Technologies Ltd boosted its position in Gates Industrial by 48.3% in the 3rd quarter. Qube Research & Technologies Ltd now owns 470,144 shares of the company’s stock worth $5,458,000 after purchasing an additional 153,179 shares in the last quarter. Finally, Gotham Asset Management LLC grew its stake in shares of Gates Industrial by 107.1% during the 3rd quarter. Gotham Asset Management LLC now owns 144,158 shares of the company’s stock worth $1,674,000 after purchasing an additional 74,561 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Activity at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the sale, the insider now owns 77,326 shares of the company’s stock, valued at $1,262,733.58. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

GTES has been the subject of several analyst reports. Citigroup boosted their target price on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Wolfe Research upgraded Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price target for the company in a research note on Friday, March 8th. Barclays lowered their price target on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. Finally, Robert W. Baird boosted their price objective on Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.13.

Gates Industrial Price Performance

Shares of NYSE:GTES traded up $0.20 during trading on Thursday, reaching $15.69. The stock had a trading volume of 1,187,115 shares, compared to its average volume of 2,549,435. The business has a fifty day moving average price of $16.67 and a 200-day moving average price of $15.53. Gates Industrial Corp PLC has a 1-year low of $10.68 and a 1-year high of $17.99. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.15 and a current ratio of 3.06. The stock has a market cap of $4.10 billion, a PE ratio of 17.24 and a beta of 1.44.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $862.60 million for the quarter, compared to analysts’ expectations of $866.00 million. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. On average, equities analysts forecast that Gates Industrial Corp PLC will post 1.32 earnings per share for the current fiscal year.

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.