Hotchkis & Wiley Capital Management LLC Sells 178,300 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Hotchkis & Wiley Capital Management LLC reduced its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 25.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 525,930 shares of the company's stock after selling 178,300 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned about 0.21% of Gates Industrial worth $9,230,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in GTES. Fred Alger Management LLC boosted its stake in Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock valued at $42,144,000 after buying an additional 1,627,482 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Gates Industrial by 45.9% in the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock valued at $70,763,000 after purchasing an additional 1,268,407 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock worth $18,670,000 after buying an additional 1,048,596 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Gates Industrial by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company's stock worth $188,477,000 after buying an additional 1,037,741 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of Gates Industrial by 606.4% in the 3rd quarter. New York State Common Retirement Fund now owns 948,825 shares of the company's stock valued at $16,652,000 after acquiring an additional 814,510 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Evercore ISI lifted their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a report on Monday, August 19th. Barclays upgraded Gates Industrial from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $21.00 to $25.00 in a report on Thursday. Morgan Stanley started coverage on Gates Industrial in a research note on Friday, September 6th. They issued an "equal weight" rating and a $19.00 price objective on the stock. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Finally, KeyCorp boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Thursday, November 21st. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $20.80.

Gates Industrial Stock Up 2.2 %

GTES stock traded up $0.50 during midday trading on Thursday, reaching $22.93. 3,268,727 shares of the company's stock traded hands, compared to its average volume of 3,055,175. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The firm's fifty day moving average price is $19.62 and its 200-day moving average price is $17.85. Gates Industrial Corp PLC has a 52 week low of $11.22 and a 52 week high of $23.34. The company has a market cap of $5.84 billion, a price-to-earnings ratio of 27.02 and a beta of 1.38.

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.