Diamond Hill Capital Management Inc. lowered its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 21.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,117,470 shares of the company's stock after selling 876,212 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 1.22% of Gates Industrial worth $64,126,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Assetmark Inc. lifted its stake in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after buying an additional 1,514 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock worth $51,000 after purchasing an additional 1,598 shares during the period. SRS Capital Advisors Inc. lifted its stake in shares of Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock worth $54,000 after purchasing an additional 724 shares during the period. Venturi Wealth Management LLC lifted its stake in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock worth $54,000 after purchasing an additional 814 shares during the period. Finally, Quarry LP purchased a new position in shares of Gates Industrial during the 3rd quarter worth $71,000. Hedge funds and other institutional investors own 98.50% of the company's stock.
Gates Industrial Stock Up 4.8 %
NYSE GTES traded up $0.91 during trading hours on Friday, hitting $19.71. The company had a trading volume of 2,478,809 shares, compared to its average volume of 2,866,198. Gates Industrial Corp PLC has a fifty-two week low of $15.14 and a fifty-two week high of $23.85. The company has a market capitalization of $5.03 billion, a price-to-earnings ratio of 26.99 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The firm's 50 day moving average is $20.92 and its 200 day moving average is $19.99.
Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (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%. Sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research analysts have weighed in on GTES shares. Evercore ISI increased their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 19th. The Goldman Sachs Group increased their price target on Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, December 12th. KeyCorp increased their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Jefferies Financial Group increased their target price on Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada increased their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.22.
Read Our Latest Analysis on Gates Industrial
Insider Activity
In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.30% of the company's stock.
About Gates Industrial
(
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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