Jennison Associates LLC Cuts Stock Position in Gates Industrial Corporation PLC $GTES

Jennison Associates LLC cut its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 2.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 4,935,881 shares of the company’s stock after selling 142,464 shares during the quarter. Jennison Associates LLC’s holdings in Gates Industrial were worth $122,509,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Gates Industrial during the second quarter valued at about $80,713,000. Adage Capital Partners GP L.L.C. bought a new position in shares of Gates Industrial during the second quarter valued at $32,255,000. Voya Investment Management LLC raised its holdings in Gates Industrial by 751.7% in the third quarter. Voya Investment Management LLC now owns 1,137,088 shares of the company’s stock worth $28,223,000 after buying an additional 1,003,580 shares during the last quarter. Franklin Resources Inc. lifted its position in Gates Industrial by 17.1% in the 2nd quarter. Franklin Resources Inc. now owns 5,661,320 shares of the company’s stock valued at $130,380,000 after acquiring an additional 826,249 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in Gates Industrial by 69.8% during the 2nd quarter. Quantinno Capital Management LP now owns 1,228,675 shares of the company’s stock valued at $28,296,000 after purchasing an additional 504,895 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $23.07 on Friday. The company has a market capitalization of $5.96 billion, a price-to-earnings ratio of 25.36 and a beta of 1.24. The company has a quick ratio of 2.50, a current ratio of 3.52 and a debt-to-equity ratio of 0.61. The stock’s 50-day simple moving average is $22.17 and its 200-day simple moving average is $23.80. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $26.46.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GTES. Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 10th. Zacks Research downgraded shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. UBS Group decreased their price objective on shares of Gates Industrial from $29.00 to $28.00 and set a “buy” rating for the company in a report on Monday, January 5th. Wells Fargo & Company initiated 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 objective on the stock. Finally, Royal Bank Of Canada cut their target price on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, October 30th. Six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average price target of $27.09.

Insider Activity

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the transaction, the chief financial officer directly owned 177,627 shares in the company, valued at approximately $4,044,566.79. This represents a 11.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.70% of the stock is owned by company insiders.

Gates Industrial Company 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.