Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by American Century Companies Inc.

American Century Companies Inc. trimmed its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 6.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,456,964 shares of the company’s stock after selling 383,943 shares during the quarter. American Century Companies Inc. owned 2.14% of Gates Industrial worth $112,250,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Teacher Retirement System of Texas boosted its holdings in Gates Industrial by 96.5% during the fourth quarter. Teacher Retirement System of Texas now owns 149,465 shares of the company’s stock worth $3,074,000 after buying an additional 73,406 shares in the last quarter. Xponance Inc. acquired a new stake in shares of Gates Industrial during the fourth quarter worth $215,000. Thrivent Financial for Lutherans boosted its position in shares of Gates Industrial by 39.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,336,894 shares of the company’s stock valued at $27,500,000 after purchasing an additional 378,477 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in Gates Industrial by 41.9% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 28,857 shares of the company’s stock worth $594,000 after purchasing an additional 8,527 shares in the last quarter. Finally, Natixis Advisors LLC lifted its stake in Gates Industrial by 27.3% during the fourth quarter. Natixis Advisors LLC now owns 217,494 shares of the company’s stock valued at $4,474,000 after buying an additional 46,709 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GTES. Barclays reduced their price target on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Jefferies Financial Group upped their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Citigroup decreased their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. The Goldman Sachs Group decreased their price target on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Finally, Royal Bank of Canada increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.11.

Insider Activity

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 2.30% of the stock is currently owned by insiders.

Gates Industrial Stock Performance

Shares of GTES opened at $19.33 on Monday. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 12 month low of $15.14 and a 12 month high of $23.85. The company’s fifty day moving average is $20.84 and its 200-day moving average is $20.07. The firm has a market cap of $4.94 billion, a price-to-earnings ratio of 26.48 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last posted its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities analysts expect 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.