Brandes Investment Partners LP Sells 96,424 Shares of Gates Industrial Corporation PLC $GTES

Brandes Investment Partners LP reduced its stake in Gates Industrial Corporation PLC by 5.7% in Q2, selling 96,424 shares. Gates Industrial stock opened at $22.48, down 1.2%. Analysts have set new price targets, with a consensus rating of "Moderate Buy" and a target of $27.17. The company designs and manufactures power transmission equipment for various industries.

Brandes Investment Partners LP lessened its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 5.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,583,799 shares of the company's stock after selling 96,424 shares during the quarter. Brandes Investment Partners LP owned about 0.61% of Gates Industrial worth $36,475,000 as of its most recent filing with the Securities and Exchange Commission.

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A number of other institutional investors also recently modified their holdings of GTES. Allworth Financial LP grew its stake in shares of Gates Industrial by 43.0% during the second quarter. Allworth Financial LP now owns 2,096 shares of the company's stock valued at $48,000 after purchasing an additional 630 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Gates Industrial by 0.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 121,868 shares of the company's stock worth $2,807,000 after buying an additional 908 shares in the last quarter. Park Avenue Securities LLC increased its stake in shares of Gates Industrial by 1.9% in the 2nd quarter. Park Avenue Securities LLC now owns 50,414 shares of the company's stock valued at $1,161,000 after buying an additional 940 shares during the period. Oliver Luxxe Assets LLC raised its position in shares of Gates Industrial by 1.0% during the second quarter. Oliver Luxxe Assets LLC now owns 102,338 shares of the company's stock worth $2,357,000 after acquiring an additional 1,039 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in shares of Gates Industrial by 2.4% during the second quarter. Harbor Capital Advisors Inc. now owns 55,209 shares of the company's stock valued at $1,271,000 after acquiring an additional 1,316 shares during the period. 98.50% of the stock is owned by institutional investors.

Insider Buying and Selling at Gates Industrial

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the business's stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total value of $505,220.76. Following the completion of the transaction, the chief financial officer owned 177,627 shares of the company's stock, valued at $4,044,566.79. The trade was a 11.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is currently owned by corporate insiders.

Gates Industrial Stock Down 1.2%

Gates Industrial stock opened at $22.48 on Tuesday. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 24.70 and a beta of 1.22. The company's 50 day simple moving average is $23.79 and its 200 day simple moving average is $23.80. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.52 and a quick ratio of 2.50. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $26.46.

Analysts Set New Price Targets

GTES has been the subject of several recent research reports. Weiss Ratings reissued a "buy (b-)" rating on shares of Gates Industrial in a report on Tuesday, November 25th. Wells Fargo & Company began coverage on shares of Gates Industrial in a research report on Thursday, November 13th. They set an "equal weight" rating and a $23.00 price target for the company. UBS Group dropped their price target on shares of Gates Industrial from $30.00 to $29.00 and set a "buy" rating for the company in a research note on Thursday, November 6th. JPMorgan Chase & Co. reduced their price objective on shares of Gates Industrial from $35.00 to $33.00 and set an "overweight" rating on the stock in a research note on Thursday, October 30th. Finally, Zacks Research lowered shares of Gates Industrial from a "strong-buy" rating to a "hold" rating in a report on Monday, October 13th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Gates Industrial presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.17.

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Gates Industrial Profile

(Free Report)

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.

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