Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. lowered its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 21.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,117,470 shares of the company’s stock after selling 876,212 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Gates Industrial were worth $64,126,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in GTES. State Street Corp boosted 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 during the last quarter. Zimmer Partners LP boosted its stake in 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 last quarter. Franklin Resources Inc. boosted its stake in Gates Industrial by 138.0% in 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 during the last quarter. Raymond James Financial Inc. acquired a new stake in Gates Industrial in the 4th quarter worth about $42,080,000. Finally, Bank of New York Mellon Corp boosted its stake in Gates Industrial by 101.0% in the 4th quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company’s stock worth $55,935,000 after buying an additional 1,366,431 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

GTES has been the topic of a number of research analyst reports. Jefferies Financial Group raised their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Royal Bank of Canada raised their price target on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Barclays decreased their price target on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday. KeyCorp raised 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. Finally, Evercore ISI raised 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. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.22.

Gates Industrial Stock Performance

Gates Industrial stock opened at $18.82 on Friday. The stock’s 50-day moving average is $20.97 and its 200-day moving average is $19.97. The company has a market cap of $4.81 billion, a price-to-earnings ratio of 25.77 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. Gates Industrial Corp PLC has a 12 month low of $15.14 and a 12 month high of $23.85.

Gates Industrial (NYSE:GTES) last announced its 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 return on equity of 9.75% and a net margin of 5.72%. Equities analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Activity at Gates Industrial

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

Gates Industrial 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.