173,025 Gates Industrial Corporation PLC $GTES Shares Sold by Van Berkom & Associates Inc.

Van Berkom & Associates Inc. cut its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 5.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,934,546 shares of the company’s stock after selling 173,025 shares during the period. Gates Industrial comprises approximately 2.7% of Van Berkom & Associates Inc.’s holdings, making the stock its 8th largest position. Van Berkom & Associates Inc.’s holdings in Gates Industrial were worth $76,885,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Root Financial Partners LLC purchased a new position in shares of Gates Industrial in the 3rd quarter worth $34,000. Fifth Third Bancorp grew its holdings in shares of Gates Industrial by 46.3% in the first quarter. Fifth Third Bancorp now owns 1,624 shares of the company’s stock worth $37,000 after acquiring an additional 514 shares during the period. Parallel Advisors LLC grew its holdings in shares of Gates Industrial by 37.7% in the first quarter. Parallel Advisors LLC now owns 2,536 shares of the company’s stock worth $57,000 after acquiring an additional 694 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Gates Industrial during the second quarter valued at $120,000. Finally, Nisa Investment Advisors LLC increased its position in Gates Industrial by 21.9% during the third quarter. Nisa Investment Advisors LLC now owns 6,064 shares of the company’s stock valued at $159,000 after acquiring an additional 1,089 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GTES shares. KeyCorp increased their target price on Gates Industrial from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. DA Davidson dropped their target price on Gates Industrial from $29.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, November 2nd. Weiss Ratings lowered shares of Gates Industrial from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Wall Street Zen cut shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th. Finally, Robert W. Baird increased their price objective on shares of Gates Industrial from $39.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, November 2nd. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.18.

Gates Industrial Stock Up 5.3%

GTES opened at $25.38 on Tuesday. The firm’s 50 day simple moving average is $25.84 and its two-hundred day simple moving average is $25.80. The company has a market capitalization of $6.37 billion, a PE ratio of 17.62 and a beta of 1.33. Gates Industrial Corporation PLC has a 1-year low of $20.88 and a 1-year high of $30.34. The company has a current ratio of 3.41, a quick ratio of 2.40 and a debt-to-equity ratio of 0.57.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Friday, October 30th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The firm had revenue of $903.60 million during the quarter, compared to the consensus estimate of $904.77 million. Gates Industrial had a net margin of 10.37% and a return on equity of 10.42%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.39 EPS. As a group, equities analysts forecast that Gates Industrial Corporation PLC will post 1.59 EPS for the current year.

About Gates Industrial

Gates Industrial Corporation plc designs and manufactures engineered power-transmission and fluid-power solutions. Its products include belts and related components, as well as hoses and hydraulic systems used to transfer power and fluids in equipment and vehicles.

The company serves customers across a range of industrial and mobility markets, including manufacturing, construction, agriculture, transportation and energy. Its products are used in both original-equipment applications and replacement markets.

Gates traces its history to 1911, when it was established as the Gates Rubber Company in Colorado.