Olstein Capital Management L.P. Sells 32,000 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Olstein Capital Management L.P. decreased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 13.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 204,000 shares of the company’s stock after selling 32,000 shares during the quarter. Olstein Capital Management L.P.’s holdings in Gates Industrial were worth $3,613,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Advisory Services Network LLC grew its holdings in Gates Industrial by 2.9% during the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock worth $463,000 after acquiring an additional 978 shares during the last quarter. Johnson Financial Group Inc. grew its holdings in Gates Industrial by 26.4% during the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after acquiring an additional 1,654 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of Gates Industrial in the 4th quarter valued at about $27,000. Natixis Advisors L.P. boosted its stake in shares of Gates Industrial by 4.6% in the 3rd quarter. Natixis Advisors L.P. now owns 49,641 shares of the company’s stock valued at $576,000 after purchasing an additional 2,198 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. boosted its stake in shares of Gates Industrial by 3.1% in the 4th quarter. Cornercap Investment Counsel Inc. now owns 87,238 shares of the company’s stock valued at $1,171,000 after purchasing an additional 2,645 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Insider Activity at Gates Industrial

In other Gates Industrial news, major shareholder Blackstone Inc. sold 20,125,000 shares of Gates Industrial stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total transaction of $328,641,250.00. Following the completion of the transaction, the insider now directly owns 77,326 shares of the company’s stock, valued at $1,262,733.58. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Gates Industrial Stock Up 1.3 %

Shares of NYSE GTES traded up $0.20 during midday trading on Wednesday, reaching $15.69. The company’s stock had a trading volume of 1,187,115 shares, compared to its average volume of 2,823,140. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $17.99. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 17.24 and a beta of 1.44. The stock has a 50 day simple moving average of $16.75 and a 200-day simple moving average of $15.53.

Gates Industrial (NYSE:GTES) last released its earnings results on Wednesday, May 1st. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. The business had revenue of $862.60 million during the quarter, compared to analysts’ expectations of $866.00 million. Equities research analysts predict that Gates Industrial Corp PLC will post 1.32 earnings per share for the current year.

Analysts Set New Price Targets

GTES has been the topic of several recent research reports. Barclays reduced their target price on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th. Citigroup raised their target price on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Robert W. Baird increased their price target on shares of Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research report on Friday, March 8th. Finally, The Goldman Sachs Group raised their target price on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $19.13.

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.