Cooke & Bieler LP Sells 1,008,219 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Cooke & Bieler LP trimmed its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 24.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,187,911 shares of the company’s stock after selling 1,008,219 shares during the quarter. Cooke & Bieler LP’s holdings in Gates Industrial were worth $65,575,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Amalgamated Bank lifted its holdings in shares of Gates Industrial by 93.5% during the third quarter. Amalgamated Bank now owns 69,664 shares of the company’s stock valued at $1,223,000 after purchasing an additional 33,668 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Gates Industrial by 6,879.6% in the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after acquiring an additional 1,048,596 shares during the last quarter. Covestor Ltd raised its holdings in Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after acquiring an additional 1,001 shares during the last quarter. Crossmark Global Holdings Inc. raised its holdings in Gates Industrial by 7.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 53,079 shares of the company’s stock worth $931,000 after acquiring an additional 3,459 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its holdings in Gates Industrial by 2.8% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 110,629 shares of the company’s stock worth $1,942,000 after acquiring an additional 3,061 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Down 4.4 %

GTES stock opened at $18.97 on Tuesday. The stock has a market capitalization of $4.84 billion, a P/E ratio of 25.98 and a beta of 1.33. The firm has a 50-day simple moving average of $21.05 and a 200-day simple moving average of $19.95. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 52 week low of $15.14 and a 52 week high of $23.85.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share 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%. Equities analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GTES has been the subject of a number of research reports. Royal Bank of Canada boosted their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Barclays lowered their price target on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Monday. Jefferies Financial Group raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Citigroup decreased their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, Evercore ISI lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.22.

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.