Gates Industrial Corp PLC (NYSE:GTES) Stake Lessened by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lessened its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 54.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,252 shares of the company’s stock after selling 22,763 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Gates Industrial were worth $396,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. grew its holdings in shares of 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 last quarter. Versant Capital Management Inc raised its holdings in shares of 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 buying an additional 1,598 shares during the last quarter. SRS Capital Advisors Inc. boosted its position in shares of Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after buying an additional 724 shares during the period. Quarry LP bought a new position in Gates Industrial in the 3rd quarter worth approximately $71,000. Finally, GAMMA Investing LLC raised its stake in Gates Industrial by 29.0% during the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after acquiring an additional 1,130 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now owns 188,452 shares of the company’s stock, valued at $3,686,121.12. The trade was a 46.71 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Gates Industrial Trading Down 4.4 %

NYSE:GTES opened at $18.48 on Friday. The stock has a fifty day simple moving average of $20.77 and a 200 day simple moving average of $20.15. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of 25.31 and a beta of 1.33. Gates Industrial Corp PLC has a 1-year low of $15.14 and a 1-year high of $23.85. 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 (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Sell-side analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on GTES. Royal Bank of Canada raised their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Evercore ISI upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. The Goldman Sachs Group lowered their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Citigroup dropped their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Finally, Barclays decreased their price target on Gates Industrial from $26.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

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.