Lazard Asset Management LLC Has $7.80 Million Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Lazard Asset Management LLC lessened its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 16.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 379,000 shares of the company’s stock after selling 72,629 shares during the quarter. Lazard Asset Management LLC’s holdings in Gates Industrial were worth $7,796,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. HighPoint Advisor Group LLC raised its stake in Gates Industrial by 3.2% during the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock worth $331,000 after buying an additional 452 shares during the period. EP Wealth Advisors LLC raised its stake in Gates Industrial by 3.6% during the 4th quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company’s stock worth $298,000 after buying an additional 504 shares during the period. MetLife Investment Management LLC raised its stake in shares of Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after purchasing an additional 567 shares during the period. United Services Automobile Association raised its stake in shares of Gates Industrial by 4.8% in the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock valued at $289,000 after purchasing an additional 646 shares during the period. Finally, Utah Retirement Systems raised its stake in shares of Gates Industrial by 6.4% in the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company’s stock valued at $241,000 after purchasing an additional 700 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Activity

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the stock in a transaction on 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 transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GTES. Royal Bank of Canada raised their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. KeyCorp lifted their price target on Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Barclays boosted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday. Morgan Stanley reduced their price objective on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. Finally, Citigroup reduced their price objective on Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a report on Monday, April 14th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average target price of $22.89.

Gates Industrial Stock Down 1.8%

NYSE GTES opened at $22.20 on Thursday. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 1-year low of $14.70 and a 1-year high of $23.85. The company has a 50 day moving average of $18.64 and a 200-day moving average of $20.26. The company has a market cap of $5.72 billion, a price-to-earnings ratio of 30.41 and a beta of 1.23.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The company had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. During the same period in the previous year, the business earned $0.31 earnings per share. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. On average, equities research analysts expect that Gates Industrial Corp PLC will post 1.36 earnings per share 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.