Gates Industrial Corp PLC (NYSE:GTES) Stake Lowered by Olstein Capital Management L.P.

Olstein Capital Management L.P. trimmed its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 21.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 142,000 shares of the company’s stock after selling 39,000 shares during the period. Olstein Capital Management L.P.’s holdings in Gates Industrial were worth $2,921,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of GTES. Allspring Global Investments Holdings LLC raised its stake in shares of Gates Industrial by 2.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares in the last quarter. FMR LLC raised its position in Gates Industrial by 4.5% during the third quarter. FMR LLC now owns 13,059,271 shares of the company’s stock valued at $229,190,000 after acquiring an additional 562,643 shares in the last quarter. State Street Corp lifted its stake in Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after acquiring an additional 3,459,450 shares during the last quarter. Zimmer Partners LP lifted its stake in Gates Industrial by 141.2% in the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock valued at $73,946,000 after acquiring an additional 2,466,543 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Gates Industrial by 45.9% during the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after purchasing an additional 1,268,407 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group lifted their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. KeyCorp boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Citigroup lowered their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Royal Bank of Canada upped their target price on Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Finally, Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $21.00 to $25.00 in a research report on Thursday, December 5th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Gates Industrial Trading Down 0.1 %

Shares of GTES stock opened at $20.77 on Friday. The firm has a market capitalization of $5.29 billion, a P/E ratio of 25.02 and a beta of 1.38. Gates Industrial Corp PLC has a 1 year low of $12.40 and a 1 year high of $23.34. The firm’s fifty day simple moving average is $21.18 and its 200 day simple moving average is $19.00. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

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.