Diamond Hill Capital Management Inc. decreased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 21.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,117,470 shares of the company's stock after selling 876,212 shares during the quarter. Diamond Hill Capital Management Inc. owned 1.22% of Gates Industrial worth $64,126,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. State Street Corp raised its stake in shares of Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company's stock valued at $114,485,000 after acquiring an additional 3,459,450 shares in the last quarter. Zimmer Partners LP lifted its holdings in shares of Gates Industrial by 141.2% in the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company's stock worth $73,946,000 after buying an additional 2,466,543 shares during the period. Franklin Resources Inc. grew its position in shares of Gates Industrial by 138.0% during the 3rd quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company's stock worth $68,159,000 after buying an additional 2,220,277 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Gates Industrial during the fourth quarter valued at $42,080,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Gates Industrial by 101.0% in the fourth quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company's stock valued at $55,935,000 after acquiring an additional 1,366,431 shares in the last quarter. 98.50% of the stock is owned by institutional investors.
Gates Industrial Stock Performance
Shares of Gates Industrial stock traded up $0.01 during midday trading on Monday, hitting $19.68. The company had a trading volume of 740,061 shares, compared to its average volume of 2,857,866. Gates Industrial Corp PLC has a 12-month low of $15.14 and a 12-month high of $23.85. The company has a fifty day simple moving average of $20.92 and a 200 day simple moving average of $20.00. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of 26.98 and a beta of 1.33.
Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly 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 net margin of 5.72% and a return on equity of 9.75%. As a group, analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on GTES shares. Jefferies Financial Group increased their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Friday, February 7th. 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. 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 report on Wednesday, February 19th. Finally, The Goldman Sachs Group raised their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a research report on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Gates Industrial has a consensus rating of "Moderate Buy" and a consensus price target of $24.22.
Check Out Our Latest Research Report on GTES
Insider Buying and Selling
In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the company's stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is owned by company insiders.
Gates Industrial Company Profile
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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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