Everence Capital Management Inc. Decreases Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Everence Capital Management Inc. cut its stake in Gates Industrial Corp PLC (NYSE:GTES) by 6.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 13,160 shares of the company’s stock after selling 890 shares during the period. Everence Capital Management Inc.’s holdings in Gates Industrial were worth $271,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in Gates Industrial by 33.3% in the second quarter. Bank of New York Mellon Corp now owns 591,722 shares of the company’s stock valued at $9,355,000 after acquiring an additional 147,846 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Gates Industrial by 8.9% in the second quarter. Principal Financial Group Inc. now owns 15,242 shares of the company’s stock worth $241,000 after buying an additional 1,250 shares during the last quarter. Natixis Advisors LLC grew its position in Gates Industrial by 82.7% during the second quarter. Natixis Advisors LLC now owns 136,324 shares of the company’s stock valued at $2,155,000 after buying an additional 61,706 shares during the period. Rhumbline Advisers increased its holdings in Gates Industrial by 20.4% during the second quarter. Rhumbline Advisers now owns 201,576 shares of the company’s stock valued at $3,187,000 after buying an additional 34,167 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Gates Industrial by 1.3% during the second quarter. Victory Capital Management Inc. now owns 909,101 shares of the company’s stock valued at $14,373,000 after buying an additional 11,736 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

GTES opened at $20.54 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 24.75 and a beta of 1.38. The company has a fifty day moving average of $21.21 and a 200 day moving average of $18.59. Gates Industrial Corp PLC has a fifty-two week low of $12.40 and a fifty-two week high of $23.34.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on GTES shares. Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Citigroup upped their price target on Gates Industrial from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Jefferies Financial Group lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. The Goldman Sachs Group boosted 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. Finally, Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.80.

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.