Paradice Investment Management LLC Lowers Position in Gates Industrial Corporation PLC $GTES

Paradice Investment Management LLC lessened its stake in Gates Industrial Corporation PLC (NYSE:GTES) by 28.2% in the third quarter, HoldingsChannel reports. The firm owned 1,194,919 shares of the company’s stock after selling 470,232 shares during the period. Gates Industrial makes up approximately 6.7% of Paradice Investment Management LLC’s holdings, making the stock its 6th largest holding. Paradice Investment Management LLC’s holdings in Gates Industrial were worth $29,658,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in shares of Gates Industrial by 43.0% during the 2nd quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after buying an additional 630 shares during the period. Avanza Fonder AB increased its position in Gates Industrial by 85.3% during the third quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock valued at $61,000 after acquiring an additional 1,124 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Gates Industrial by 273.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company’s stock valued at $67,000 after acquiring an additional 2,131 shares during the period. EverSource Wealth Advisors LLC boosted its position in Gates Industrial by 1,976.9% in the second quarter. EverSource Wealth Advisors LLC now owns 2,970 shares of the company’s stock worth $68,000 after purchasing an additional 2,827 shares during the last quarter. Finally, Steph & Co. bought a new stake in shares of Gates Industrial during the 2nd quarter valued at about $70,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Shares of NYSE GTES opened at $21.83 on Tuesday. The firm has a fifty day moving average price of $22.45 and a 200-day moving average price of $23.85. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.52 and a quick ratio of 2.50. The stock has a market cap of $5.64 billion, a PE ratio of 23.98 and a beta of 1.22. Gates Industrial Corporation PLC has a 1 year low of $14.70 and a 1 year high of $26.46.

Insiders Place Their Bets

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total value of $505,220.76. Following the completion of the sale, the chief financial officer owned 177,627 shares in the company, valued at approximately $4,044,566.79. This represents a 11.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GTES. Weiss Ratings reiterated a “hold (c+)” rating on shares of Gates Industrial in a research note on Monday, December 22nd. Royal Bank Of Canada reduced their target price on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Thursday, October 30th. Wall Street Zen raised shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 20th. UBS Group decreased their target price on Gates Industrial from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Finally, Wells Fargo & Company began coverage on Gates Industrial in a research report on Thursday, November 13th. They set an “equal weight” rating and a $23.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.18.

Gates Industrial Profile

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.