Cooke & Bieler LP Has $109.43 Million Position in Gates Industrial Corp PLC (NYSE:GTES)

Cooke & Bieler LP increased its stake in Gates Industrial Corp PLC (NYSE:GTES) by 7.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 8,154,009 shares of the company’s stock after purchasing an additional 594,559 shares during the quarter. Cooke & Bieler LP owned approximately 3.09% of Gates Industrial worth $109,427,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GTES. Tower Research Capital LLC TRC lifted its holdings in shares of Gates Industrial by 207.3% during the first quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company’s stock worth $33,000 after buying an additional 1,588 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Gates Industrial during the first quarter worth approximately $45,000. Quarry LP acquired a new position in shares of Gates Industrial during the first quarter worth approximately $51,000. Covestor Ltd lifted its holdings in shares of Gates Industrial by 42.8% during the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after buying an additional 1,454 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Gates Industrial during the third quarter worth approximately $77,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Stock Performance

Shares of NYSE:GTES opened at $17.20 on Friday. The business’s fifty day moving average price is $16.14 and its two-hundred day moving average price is $13.63. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $17.86. The stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of 20.24 and a beta of 1.57. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. The firm had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $892.40 million. As a group, analysts predict that Gates Industrial Corp PLC will post 1.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. The Goldman Sachs Group upped their price target on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Jefferies Financial Group initiated coverage on Gates Industrial in a research note on Thursday, February 29th. They issued a “buy” rating and a $21.00 target price for the company. Wolfe Research upgraded Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price for the company in a research note on Friday, March 8th. Finally, KeyCorp upgraded Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 target price for the company in a research note on Thursday, February 22nd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the sale, the insider now directly owns 107,324 shares in the company, valued at $1,292,180.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Gates Industrial news, Director Neil P. Simpkins bought 1,000,000 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were bought at an average price of $12.20 per share, for a total transaction of $12,200,000.00. Following the completion of the acquisition, the director now owns 1,000,000 shares of the company’s stock, valued at $12,200,000. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the sale, the insider now owns 107,324 shares in the company, valued at approximately $1,292,180.96. The disclosure for this sale can be found here. Insiders have purchased 1,030,492 shares of company stock worth $12,582,402 over the last three months. Company 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.