Zimmer Partners LP Sells 1,620,000 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Zimmer Partners LP lowered its position in Gates Industrial Corp PLC (NYSE:GTES) by 38.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,593,452 shares of the company’s stock after selling 1,620,000 shares during the quarter. Gates Industrial makes up about 0.9% of Zimmer Partners LP’s investment portfolio, making the stock its 28th largest position. Zimmer Partners LP’s holdings in Gates Industrial were worth $53,347,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of GTES. Assenagon Asset Management S.A. bought a new position in shares of Gates Industrial during the 4th quarter valued at about $2,154,000. Park Avenue Securities LLC boosted its holdings in shares of Gates Industrial by 29.1% during the 4th quarter. Park Avenue Securities LLC now owns 49,939 shares of the company’s stock valued at $1,027,000 after purchasing an additional 11,251 shares during the last quarter. Kera Capital Partners Inc. bought a new position in shares of Gates Industrial during the 4th quarter valued at about $205,000. Oliver Luxxe Assets LLC bought a new position in shares of Gates Industrial during the 4th quarter valued at about $1,665,000. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of Gates Industrial by 9.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 99,888 shares of the company’s stock valued at $2,055,000 after purchasing an additional 8,868 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Down 1.3%

Shares of NYSE:GTES opened at $21.87 on Tuesday. 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 12 month low of $14.70 and a 12 month high of $23.85. The company has a 50-day moving average price of $18.81 and a 200 day moving average price of $20.34. The company has a market cap of $5.64 billion, a price-to-earnings ratio of 29.96 and a beta of 1.23.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $823.56 million. During the same period in the prior year, the company posted $0.31 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities research analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This trade represents a 46.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on GTES. Barclays increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, May 12th. Citigroup dropped their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a report on Monday, April 14th. Evercore ISI increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday, February 19th. The Goldman Sachs Group lowered their price target on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Finally, KeyCorp increased their price target on shares of Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $22.89.

Gates Industrial Company 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.