Cooke & Bieler LP Decreases Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Cooke & Bieler LP decreased its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 11.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,077,960 shares of the company’s stock after selling 672,239 shares during the quarter. Cooke & Bieler LP owned 1.94% of Gates Industrial worth $80,283,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC purchased a new stake in shares of Gates Industrial during the 4th quarter valued at about $27,000. Gladius Capital Management LP purchased a new stake in shares of Gates Industrial during the 4th quarter valued at about $48,000. TFO Wealth Partners LLC increased its position in shares of Gates Industrial by 68,390.0% during the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. increased its position in shares of Gates Industrial by 26.4% during the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock valued at $106,000 after purchasing an additional 1,654 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Gates Industrial during the 4th quarter valued at about $147,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

GTES stock traded down $0.16 during midday trading on Wednesday, hitting $17.07. The company’s stock had a trading volume of 470,031 shares, compared to its average volume of 3,161,503. Gates Industrial Corp PLC has a 12 month low of $10.68 and a 12 month high of $19.07. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of 18.76 and a beta of 1.44. The company has a 50 day moving average of $16.87 and a two-hundred day moving average of $16.75.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The business had revenue of $885.50 million during the quarter, compared to the consensus estimate of $893.00 million. On average, analysts expect that Gates Industrial Corp PLC will post 1.22 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on GTES. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Evercore ISI boosted their price objective on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Barclays cut their price objective on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th. Robert W. Baird cut their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, The Goldman Sachs Group boosted their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $19.44.

Insider Activity

In other news, Director Wilson S. Neely bought 11,952 shares of the stock in a transaction dated Wednesday, August 21st. The stock was purchased at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the transaction, the director now owns 6,000 shares of the company’s stock, valued at $100,800. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.30% of the company’s stock.

About Gates Industrial

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.