Cornercap Investment Counsel Inc. lowered its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 54.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,252 shares of the company's stock after selling 22,763 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Gates Industrial were worth $396,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in GTES. State Street Corp increased its stake in Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company's stock worth $114,485,000 after acquiring an additional 3,459,450 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Gates Industrial by 1,185.0% during the 4th quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock worth $69,187,000 after acquiring an additional 3,101,738 shares in the last quarter. Norges Bank bought a new position in Gates Industrial in the fourth quarter valued at approximately $56,520,000. Zimmer Partners LP raised its position in Gates Industrial by 141.2% during the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company's stock valued at $73,946,000 after purchasing an additional 2,466,543 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in Gates Industrial by 138.0% during the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company's stock worth $68,159,000 after purchasing an additional 2,220,277 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.
Insider Buying and Selling
In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now owns 188,452 shares in the company, valued at $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.
Gates Industrial Stock Down 12.9 %
GTES traded down $2.48 during midday trading on Thursday, hitting $16.76. The company had a trading volume of 910,342 shares, compared to its average volume of 2,910,707. The stock's 50 day moving average price is $20.66 and its 200 day moving average price is $20.19. Gates Industrial Corp PLC has a 52 week low of $15.14 and a 52 week high of $23.85. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of 22.96 and a beta of 1.24. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.
Gates Industrial (NYSE:GTES - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, research analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several equities analysts have recently issued reports on GTES shares. Evercore ISI lifted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Jefferies Financial Group boosted their target price on Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. KeyCorp upped their target price on Gates Industrial from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Royal Bank of Canada lifted their price target on Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Finally, The Goldman Sachs Group lowered their price objective on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Gates Industrial currently has a consensus rating of "Moderate Buy" and an average price target of $24.00.
View Our Latest Research Report on Gates Industrial
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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