Leeward Investments LLC MA Sells 93,050 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Leeward Investments LLC MA lowered its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 6.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,245,892 shares of the company’s stock after selling 93,050 shares during the quarter. Gates Industrial accounts for 1.3% of Leeward Investments LLC MA’s investment portfolio, making the stock its 16th largest holding. Leeward Investments LLC MA owned 0.49% of Gates Industrial worth $25,628,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Handelsbanken Fonder AB grew its holdings in Gates Industrial by 10.4% during the fourth quarter. Handelsbanken Fonder AB now owns 1,372,300 shares of the company’s stock worth $28,228,000 after buying an additional 129,700 shares in the last quarter. New York State Common Retirement Fund grew its holdings in Gates Industrial by 9.3% during the fourth quarter. New York State Common Retirement Fund now owns 1,036,880 shares of the company’s stock worth $21,329,000 after buying an additional 88,055 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in Gates Industrial by 180.6% during the fourth quarter. Venturi Wealth Management LLC now owns 8,640 shares of the company’s stock worth $178,000 after buying an additional 5,561 shares in the last quarter. Truist Financial Corp grew its stake in Gates Industrial by 6.6% in the 4th quarter. Truist Financial Corp now owns 282,809 shares of the company’s stock valued at $5,817,000 after purchasing an additional 17,632 shares during the period. Finally, Principal Financial Group Inc. grew its stake in Gates Industrial by 3.3% in the 4th quarter. Principal Financial Group Inc. now owns 1,099,104 shares of the company’s stock valued at $22,609,000 after purchasing an additional 35,266 shares during the period. Institutional investors own 98.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. The Goldman Sachs Group upped their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Barclays upped their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. KeyCorp upped their price objective on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Royal Bank of Canada upped their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Finally, Jefferies Financial Group upped their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.90.

Gates Industrial Stock Performance

Shares of GTES opened at $22.29 on Friday. The stock’s 50-day simple moving average is $21.09 and its 200 day simple moving average is $19.67. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 30.53 and a beta of 1.37. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. Gates Industrial Corp PLC has a 52-week low of $14.14 and a 52-week high of $23.85.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Research analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS 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.