Alaska Permanent Fund Corp Lowers Stake in Gates Industrial Corp PLC (NYSE:GTES)

Alaska Permanent Fund Corp lessened its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 14.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,497 shares of the company’s stock after selling 26,370 shares during the quarter. Alaska Permanent Fund Corp owned approximately 0.06% of Gates Industrial worth $2,842,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. SG Americas Securities LLC grew its stake in Gates Industrial by 796.0% during the 4th quarter. SG Americas Securities LLC now owns 88,480 shares of the company’s stock worth $1,187,000 after buying an additional 78,605 shares during the last quarter. LSV Asset Management increased its holdings in shares of Gates Industrial by 103.7% during the fourth quarter. LSV Asset Management now owns 2,809,223 shares of the company’s stock valued at $37,700,000 after acquiring an additional 1,430,149 shares in the last quarter. Auxier Asset Management raised its position in shares of Gates Industrial by 10.8% in the 3rd quarter. Auxier Asset Management now owns 174,349 shares of the company’s stock valued at $2,024,000 after purchasing an additional 17,000 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Gates Industrial by 20.9% in the 4th quarter. Pacer Advisors Inc. now owns 3,613,276 shares of the company’s stock worth $48,490,000 after purchasing an additional 624,517 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Gates Industrial by 8.9% during the 3rd quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock valued at $88,265,000 after purchasing an additional 620,131 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Shares of NYSE GTES traded down $0.08 during midday trading on Thursday, reaching $16.20. 810,823 shares of the stock were exchanged, compared to its average volume of 2,786,432. The company has a quick ratio of 2.15, a current ratio of 3.06 and a debt-to-equity ratio of 0.69. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 17.89 and a beta of 1.43. The firm has a 50-day simple moving average of $17.01 and a two-hundred day simple moving average of $15.28. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $17.99.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $862.60 million during 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%. As a group, analysts anticipate that Gates Industrial Corp PLC will post 1.32 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Blackstone Inc. sold 20,125,000 shares of the business’s 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 directly owns 77,326 shares in the company, valued at $1,262,733.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Jefferies Financial Group initiated coverage on Gates Industrial in a research report on Thursday, February 29th. They issued a “buy” rating and a $21.00 target price on the stock. Citigroup lifted their target price on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. KeyCorp upgraded Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 target price on the stock in a research report on Thursday, February 22nd. Barclays reduced their price target on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 4th. Finally, Robert W. Baird increased their price objective on shares of Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $19.13.

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.