Cooke & Bieler LP grew its stake in Gates Industrial Corp PLC (NYSE:GTES – Get Rating) by 23.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,793,408 shares of the company's stock after acquiring an additional 1,270,738 shares during the quarter. Cooke & Bieler LP owned about 2.34% of Gates Industrial worth $73,437,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Factorial Partners LLC lifted its position in shares of Gates Industrial by 4.8% in the first quarter. Factorial Partners LLC now owns 65,000 shares of the company's stock valued at $979,000 after acquiring an additional 3,000 shares in the last quarter. Swiss National Bank lifted its position in shares of Gates Industrial by 7.6% in the first quarter. Swiss National Bank now owns 138,000 shares of the company's stock valued at $2,078,000 after acquiring an additional 9,800 shares in the last quarter. Private Capital Group LLC lifted its position in shares of Gates Industrial by 133.1% in the first quarter. Private Capital Group LLC now owns 3,785 shares of the company's stock valued at $57,000 after acquiring an additional 2,161 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Gates Industrial by 5.9% in the first quarter. Park Avenue Securities LLC now owns 36,808 shares of the company's stock valued at $554,000 after acquiring an additional 2,040 shares in the last quarter. Finally, Chartwell Investment Partners LLC lifted its position in shares of Gates Industrial by 63.4% in the first quarter. Chartwell Investment Partners LLC now owns 558,208 shares of the company's stock valued at $8,407,000 after acquiring an additional 216,576 shares in the last quarter.
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Gates Industrial Stock Performance
Gates Industrial stock opened at $9.92 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.91 and a quick ratio of 2.01. Gates Industrial Corp PLC has a 12 month low of $9.63 and a 12 month high of $18.18. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 13.59 and a beta of 1.62. The stock's 50-day moving average is $11.42 and its 200-day moving average is $12.28.
Gates Industrial (NYSE:GTES – Get Rating) last posted its earnings results on Friday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.11. Gates Industrial had a return on equity of 9.79% and a net
margin of 6.24%. The business had revenue of $906.80 million during the quarter, compared to analyst estimates of $918.39 million. During the same quarter last year, the firm earned $0.42 earnings per share. The company's revenue for the quarter was down .9% compared to the same quarter last year. Equities analysts anticipate that Gates Industrial Corp PLC will post 1.03 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the company. KeyCorp reduced their target price on Gates Industrial from $18.00 to $15.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 12th. Evercore ISI downgraded Gates Industrial from an "outperform" rating to an "in-line" rating and reduced their target price for the stock from $15.00 to $13.50 in a research report on Thursday, August 11th. The Goldman Sachs Group reduced their target price on Gates Industrial from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, June 23rd. Barclays reduced their target price on Gates Industrial from $15.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Friday, July 8th. Finally, Credit Suisse Group set a $13.00 target price on Gates Industrial in a research report on Tuesday, July 19th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $13.94.
About Gates Industrial
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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.
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