Cooke & Bieler LP Cuts Stock Holdings in Gates Industrial Corporation PLC (NYSE:GTES)

Cooke & Bieler LP lowered its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 39.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,925,486 shares of the company's stock after selling 1,262,425 shares during the period. Cooke & Bieler LP owned about 0.75% of Gates Industrial worth $35,448,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in GTES. FMR LLC increased its stake in Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Gates Industrial by 1,185.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock worth $69,187,000 after purchasing an additional 3,101,738 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Gates Industrial by 540.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock worth $74,247,000 after acquiring an additional 3,046,064 shares during the period. Norges Bank purchased a new stake in shares of Gates Industrial during the fourth quarter valued at about $56,520,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Gates Industrial during the fourth quarter valued at about $42,080,000. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Performance

GTES traded down $0.15 during trading on Friday, reaching $24.71. 2,020,639 shares of the company were exchanged, compared to its average volume of 2,583,303. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $25.00. The stock has a market cap of $6.37 billion, a P/E ratio of 30.13 and a beta of 1.22. The firm has a 50 day moving average of $22.55 and a 200 day moving average of $20.72. The company has a current ratio of 3.33, a quick ratio of 2.35 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The business had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. During the same period in the prior year, the business posted $0.31 earnings per share. Gates Industrial's revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of research analyst reports. Barclays lifted their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Royal Bank Of Canada lifted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Morgan Stanley reduced their price target on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. Finally, KeyCorp lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Gates Industrial has an average rating of "Moderate Buy" and a consensus price target of $24.44.

Gates Industrial 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.