Gates Industrial Corporation PLC $GTES Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. decreased its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 2.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,120,252 shares of the company’s stock after selling 63,394 shares during the quarter. Diamond Hill Capital Management Inc. owned about 0.82% of Gates Industrial worth $52,625,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in GTES. True Wealth Design LLC raised its stake in Gates Industrial by 133.2% in the 3rd quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock worth $29,000 after acquiring an additional 666 shares during the last quarter. Allworth Financial LP raised its stake in shares of Gates Industrial by 43.0% in the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock worth $48,000 after purchasing an additional 630 shares during the last quarter. SJS Investment Consulting Inc. lifted its holdings in shares of Gates Industrial by 5,123.7% during the third quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock worth $49,000 after purchasing an additional 1,947 shares during the period. Quent Capital LLC purchased a new stake in Gates Industrial in the third quarter valued at approximately $51,000. Finally, Avanza Fonder AB increased its holdings in Gates Industrial by 85.3% in the 3rd quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock worth $61,000 after buying an additional 1,124 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GTES has been the subject of several research reports. Zacks Research cut shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. JPMorgan Chase & Co. reduced their target price on shares of Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, December 16th. Royal Bank Of Canada cut their price target on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, October 30th. Wells Fargo & Company began coverage on Gates Industrial in a report on Thursday, November 13th. They issued an “equal weight” rating and a $23.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, December 29th. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.09.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $26.85 on Friday. The firm has a market cap of $6.93 billion, a PE ratio of 29.51 and a beta of 1.27. Gates Industrial Corporation PLC has a twelve month low of $14.70 and a twelve month high of $26.96. The company has a quick ratio of 2.50, a current ratio of 3.52 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $22.59 and a 200 day moving average price of $23.77.

Insider Buying and Selling at Gates Industrial

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total transaction of $505,220.76. Following the transaction, the chief financial officer owned 177,627 shares in the company, valued at $4,044,566.79. This trade represents a 11.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.70% of the stock is currently owned by insiders.

Gates Industrial Profile

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.