US Bancorp DE Cuts Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

US Bancorp DE decreased its position in shares of Gates Industrial Corp PLC (NYSE:GTES – Get Rating) by 26.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,503 shares of the company’s stock after selling 13,383 shares during the quarter. US Bancorp DE’s holdings in Gates Industrial were worth $365,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Mariner LLC grew its holdings in shares of Gates Industrial by 3.2% during the first quarter. Mariner LLC now owns 38,507 shares of the company’s stock valued at $580,000 after buying an additional 1,212 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in Gates Industrial by 2.0% in the third quarter. State of Alaska Department of Revenue now owns 66,029 shares of the company’s stock worth $644,000 after purchasing an additional 1,287 shares during the last quarter. Prelude Capital Management LLC boosted its holdings in Gates Industrial by 7.4% in the first quarter. Prelude Capital Management LLC now owns 20,565 shares of the company’s stock worth $310,000 after purchasing an additional 1,415 shares during the last quarter. Natixis Advisors L.P. boosted its holdings in Gates Industrial by 2.3% in the first quarter. Natixis Advisors L.P. now owns 80,101 shares of the company’s stock worth $1,206,000 after purchasing an additional 1,793 shares during the last quarter. Finally, Advisory Services Network LLC boosted its holdings in Gates Industrial by 4.9% in the first quarter. Advisory Services Network LLC now owns 40,209 shares of the company’s stock worth $605,000 after purchasing an additional 1,889 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GTES shares. Barclays dropped their target price on shares of Gates Industrial from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Monday, October 3rd. Morgan Stanley dropped their target price on shares of Gates Industrial from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 12th. Citigroup raised their target price on shares of Gates Industrial from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, December 9th. Robert W. Baird dropped their price target on shares of Gates Industrial from $19.00 to $14.00 in a research note on Monday, November 7th. Finally, Credit Suisse Group lifted their price target on shares of Gates Industrial from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, November 7th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Gates Industrial currently has a consensus rating of “Hold” and a consensus price target of $13.33.

Gates Industrial Stock Up 1.8 %

Shares of GTES stock opened at $12.69 on Tuesday. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of 18.66 and a beta of 1.54. Gates Industrial Corp PLC has a one year low of $9.40 and a one year high of $16.44. The company’s fifty day moving average price is $11.64 and its 200-day moving average price is $11.31. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.97 and a quick ratio of 2.05.

Gates Industrial (NYSE:GTES – Get Rating) last announced its quarterly earnings data on Friday, November 4th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. The firm had revenue of $860.70 million for the quarter, compared to the consensus estimate of $896.37 million. Gates Industrial had a net margin of 5.71% and a return on equity of 9.66%. The company’s revenue was down .2% on a year-over-year basis. During the same period last year, the firm earned $0.31 EPS. Sell-side analysts expect that Gates Industrial Corp PLC will post 0.96 EPS for the current fiscal year.

Gates Industrial Company Profile

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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.