Gates Industrial Corporation PLC (NYSE:GTES) Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. lessened its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 17.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,576,679 shares of the company's stock after selling 540,791 shares during the period. Diamond Hill Capital Management Inc. owned about 1.00% of Gates Industrial worth $47,437,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. HighPoint Advisor Group LLC increased its stake in shares of Gates Industrial by 3.2% during the fourth quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company's stock worth $331,000 after purchasing an additional 452 shares in the last quarter. EP Wealth Advisors LLC boosted its holdings in Gates Industrial by 3.6% in the 4th quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock worth $298,000 after buying an additional 504 shares during the last quarter. MetLife Investment Management LLC increased its stake in Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after buying an additional 567 shares in the last quarter. Personal CFO Solutions LLC increased its stake in Gates Industrial by 6.4% during the 1st quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company's stock worth $206,000 after buying an additional 670 shares in the last quarter. Finally, Utah Retirement Systems raised its holdings in shares of Gates Industrial by 6.4% during the fourth quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock valued at $241,000 after acquiring an additional 700 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Ratings Changes

GTES has been the subject of a number of research reports. Morgan Stanley dropped their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Citigroup boosted their price target on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Barclays increased their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. The Goldman Sachs Group raised their target price on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Finally, Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 12th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $24.44.

Gates Industrial Price Performance

GTES traded down $0.01 on Thursday, hitting $24.97. 1,550,792 shares of the company were exchanged, compared to its average volume of 1,633,035. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $25.06. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33. The firm has a market capitalization of $6.44 billion, a P/E ratio of 30.45 and a beta of 1.22. The business's fifty day moving average is $22.69 and its 200 day moving average is $20.80.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. Gates Industrial's revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.31 earnings per share. As a group, sell-side analysts anticipate that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

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.