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

Olstein Capital Management L.P. cut its position in Gates Industrial Corp PLC (NYSE:GTES) by 13.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 204,000 shares of the company’s stock after selling 32,000 shares during the period. Olstein Capital Management L.P. owned approximately 0.08% of Gates Industrial worth $3,613,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. SG Americas Securities LLC lifted its position in Gates Industrial by 796.0% during the fourth quarter. SG Americas Securities LLC now owns 88,480 shares of the company’s stock valued at $1,187,000 after purchasing an additional 78,605 shares during the period. LSV Asset Management raised its position in Gates Industrial by 103.7% in the fourth quarter. LSV Asset Management now owns 2,809,223 shares of the company’s stock worth $37,700,000 after acquiring an additional 1,430,149 shares during the period. Auxier Asset Management raised its position in Gates Industrial by 10.8% in the third quarter. Auxier Asset Management now owns 174,349 shares of the company’s stock worth $2,024,000 after acquiring an additional 17,000 shares during the period. Pacer Advisors Inc. raised its position in Gates Industrial by 20.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,613,276 shares of the company’s stock worth $48,490,000 after acquiring an additional 624,517 shares during the period. Finally, American Century Companies Inc. raised its position in Gates Industrial by 8.9% in the third quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock worth $88,265,000 after acquiring an additional 620,131 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Trading Up 1.3 %

Shares of GTES stock traded up $0.20 during trading hours on Wednesday, reaching $15.69. 1,187,115 shares of the stock were exchanged, compared to its average volume of 2,823,140. Gates Industrial Corp PLC has a 12-month low of $10.68 and a 12-month high of $17.99. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. The company’s 50-day moving average price is $16.75 and its 200-day moving average price is $15.53. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of 17.24 and a beta of 1.44.

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

Insider Activity

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

Wall Street Analysts Forecast Growth

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

About Gates Industrial

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.