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

Cooke & Bieler LP cut its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 24.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,187,911 shares of the company’s stock after selling 1,008,219 shares during the period. Cooke & Bieler LP owned about 1.25% of Gates Industrial worth $65,575,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Assetmark Inc. grew its holdings in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares during the period. Versant Capital Management Inc grew its holdings in Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares during the period. Venturi Wealth Management LLC grew its holdings in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the period. SRS Capital Advisors Inc. grew its holdings in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after purchasing an additional 724 shares during the period. Finally, Quarry LP bought a new position in Gates Industrial during the third quarter valued at $71,000. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Down 4.4 %

GTES opened at $18.97 on Tuesday. The company has a market cap of $4.84 billion, a P/E ratio of 25.98 and a beta of 1.33. The business’s 50-day moving average price is $21.05 and its 200-day moving average price is $19.95. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. 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 posted its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, equities analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on GTES shares. The Goldman Sachs Group increased their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. 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 report on Friday, February 7th. Citigroup cut their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. 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 report on Wednesday, February 19th. Finally, 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 report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.