Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. reduced its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 51.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,015 shares of the company's stock after selling 44,469 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Gates Industrial were worth $737,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Headlands Technologies LLC lifted its holdings in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock worth $27,000 after acquiring an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock valued at $54,000 after buying an additional 814 shares during the period. Capital Performance Advisors LLP bought a new stake in Gates Industrial in the 3rd quarter valued at about $67,000. GAMMA Investing LLC raised its holdings in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock worth $68,000 after buying an additional 2,998 shares during the last quarter. Finally, Covestor Ltd boosted its stake in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company's stock valued at $84,000 after purchasing an additional 1,001 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Insider Transactions at Gates Industrial

In other news, Director Wilson S. Neely acquired 11,952 shares of the company's stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the purchase, the director now owns 6,000 shares of the company's stock, valued at $100,800. This represents a -200.81 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 2.30% of the company's stock.

Gates Industrial Price Performance

GTES stock traded up $0.04 during trading on Friday, hitting $20.78. The stock had a trading volume of 3,131,160 shares, compared to its average volume of 3,073,850. The company's 50-day moving average price is $18.40 and its two-hundred day moving average price is $17.37. Gates Industrial Corp PLC has a twelve month low of $11.22 and a twelve month high of $21.54. The stock has a market capitalization of $5.29 billion, a P/E ratio of 25.04 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Gates Industrial declared that its board has approved a stock buyback program on Wednesday, July 31st that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on GTES shares. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. KeyCorp raised their price objective on Gates Industrial from $21.00 to $22.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Morgan Stanley started coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an "equal weight" rating and a $19.00 price objective for the company. Barclays lifted their price objective on Gates Industrial from $16.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. Finally, Evercore ISI increased their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Gates Industrial currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.30.

Gates Industrial Company Profile

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.