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

Cornercap Investment Counsel Inc. trimmed its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 51.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 42,015 shares of the company’s stock after selling 44,469 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Gates Industrial were worth $737,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Gates Industrial by 17.5% during the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after purchasing an additional 2,678,954 shares during the period. Fred Alger Management LLC raised its position in Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after acquiring an additional 1,627,482 shares in the last quarter. Principal Financial Group Inc. lifted 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 valued at $18,670,000 after acquiring an additional 1,048,596 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Gates Industrial by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after purchasing an additional 1,037,741 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its stake in Gates Industrial by 606.4% during the third quarter. New York State Common Retirement Fund now owns 948,825 shares of the company’s stock valued at $16,652,000 after purchasing an additional 814,510 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on GTES. KeyCorp increased their price objective on Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Evercore ISI lifted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Robert W. Baird reduced their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Morgan Stanley assumed coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price on the stock. Finally, Barclays raised their target price on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.30.

Insider Buying and Selling at Gates Industrial

In related news, Director Wilson S. Neely purchased 11,952 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the purchase, the director now owns 6,000 shares in the company, valued at $100,800. The trade was a -200.81 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Stock Up 0.2 %

Shares of Gates Industrial stock opened at $20.79 on Friday. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of 25.04 and a beta of 1.38. The stock has a 50-day simple moving average of $18.40 and a 200-day simple moving average of $17.38. Gates Industrial Corp PLC has a 52-week low of $11.22 and a 52-week high of $21.54. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Gates Industrial announced that its board has initiated a stock buyback program on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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.