Gates Industrial Corp PLC (NYSE:GTES) Stake Lessened by Macquarie Group Ltd.

Posted by Defense World Staff on Mar 7th, 2023

Macquarie Group Ltd. cut its stake in Gates Industrial Corp PLC (NYSE:GTES – Get Rating) by 12.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,008,212 shares of the company’s stock after selling 137,266 shares during the period. Macquarie Group Ltd. owned approximately 0.36% of Gates Industrial worth $9,846,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in Gates Industrial by 1.1% during the second quarter. JPMorgan Chase & Co. now owns 4,878,748 shares of the company’s stock valued at $52,739,000 after purchasing an additional 53,861 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in Gates Industrial by 0.3% during the third quarter. Diamond Hill Capital Management Inc. now owns 4,742,769 shares of the company’s stock valued at $46,289,000 after purchasing an additional 13,846 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Gates Industrial by 24.1% during the third quarter. Dimensional Fund Advisors LP now owns 4,394,886 shares of the company’s stock valued at $42,896,000 after purchasing an additional 852,112 shares during the last quarter. Invesco Ltd. lifted its stake in Gates Industrial by 32.5% during the first quarter. Invesco Ltd. now owns 2,759,090 shares of the company’s stock valued at $41,552,000 after purchasing an additional 677,379 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Gates Industrial by 71.3% during the second quarter. AQR Capital Management LLC now owns 1,923,264 shares of the company’s stock valued at $20,271,000 after purchasing an additional 800,524 shares during the last quarter.

Analysts Set New Price Targets

Several analysts recently commented on GTES shares. Royal Bank of Canada increased their target price on shares of Gates Industrial from $12.00 to $14.00 and gave the company a “sector perform” rating in a research note on Friday, February 10th. Credit Suisse Group upped their price target on shares of Gates Industrial from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, February 13th. Morgan Stanley upped their price target on shares of Gates Industrial from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, February 10th. Barclays upped their price target on shares of Gates Industrial from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, February 10th. Finally, Citigroup upped their price target on shares of Gates Industrial from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 10th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.00.

Gates Industrial Stock Down 1.7 %

Gates Industrial stock opened at $14.17 on Tuesday. The firm has a market cap of $4.00 billion, a PE ratio of 18.40 and a beta of 1.53. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.15 and a current ratio of 3.03. The firm’s 50 day moving average price is $13.08 and its two-hundred day moving average price is $11.71. Gates Industrial Corp PLC has a twelve month low of $9.40 and a twelve month high of $16.44.

About Gates Industrial

(Get Rating)

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.