Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. cut its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 0.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,484 shares of the company’s stock after selling 754 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Gates Industrial were worth $1,367,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of GTES. Natixis Advisors L.P. lifted its holdings in shares of Gates Industrial by 44.7% during the fourth quarter. Natixis Advisors L.P. now owns 71,847 shares of the company’s stock worth $964,000 after purchasing an additional 22,206 shares during the period. Amalgamated Bank lifted its holdings in shares of Gates Industrial by 14.6% during the fourth quarter. Amalgamated Bank now owns 24,860 shares of the company’s stock worth $334,000 after purchasing an additional 3,164 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Gates Industrial by 11.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,500,391 shares of the company’s stock worth $20,135,000 after purchasing an additional 154,770 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Gates Industrial by 14.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company’s stock worth $130,285,000 after purchasing an additional 1,239,261 shares during the period. Finally, Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Gates Industrial during the fourth quarter worth $147,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GTES has been the subject of several recent research reports. Morgan Stanley started coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Evercore ISI raised their price target on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. The Goldman Sachs Group raised their price target on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Barclays dropped their price target on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 4th. Finally, Robert W. Baird dropped their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.40.

Gates Industrial Stock Up 1.5 %

Shares of NYSE:GTES opened at $16.94 on Friday. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of 18.61 and a beta of 1.41. Gates Industrial Corp PLC has a 12-month low of $10.68 and a 12-month high of $19.07. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68. The stock’s 50-day moving average price is $17.01 and its two-hundred day moving average price is $16.84.

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

Insider Activity

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

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.