Confluence Investment Management LLC Sells 34,323 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Confluence Investment Management LLC lessened its stake in Gates Industrial Corp PLC (NYSE:GTES) by 3.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,044,605 shares of the company’s stock after selling 34,323 shares during the quarter. Confluence Investment Management LLC owned approximately 0.41% of Gates Industrial worth $21,488,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GTES. Venturi Wealth Management LLC increased its position in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after buying an additional 814 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Gates Industrial by 2.5% during the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after acquiring an additional 823 shares during the last quarter. Covestor Ltd raised its stake in Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares during the period. Tectonic Advisors LLC lifted its holdings in Gates Industrial by 5.5% during the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock valued at $353,000 after purchasing an additional 1,043 shares during the last quarter. Finally, Fort L.P. boosted its position in Gates Industrial by 9.3% during the third quarter. Fort L.P. now owns 14,423 shares of the company’s stock worth $253,000 after purchasing an additional 1,222 shares during the period. 98.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GTES has been the topic of several research analyst reports. Jefferies Financial Group increased their price objective on shares of 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 stock a “neutral” rating in a report on Thursday, December 12th. Morgan Stanley began coverage on Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price on the stock. Citigroup boosted their price target on Gates Industrial from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Royal Bank of Canada increased their price objective on Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.80.

Gates Industrial Price Performance

GTES stock traded down $0.06 during mid-day trading on Thursday, hitting $20.51. The stock had a trading volume of 286,071 shares, compared to its average volume of 3,004,027. The firm has a fifty day simple moving average of $21.04 and a 200 day simple moving average of $18.45. The firm has a market capitalization of $5.22 billion, a P/E ratio of 24.71 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 52 week low of $12.40 and a 52 week high of $23.34.

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.