Diamond Hill Capital Management Inc. Decreases Position in Gates Industrial Corporation PLC $GTES

Diamond Hill Capital Management Inc. trimmed its position in Gates Industrial Corporation PLC (NYSE:GTES) by 2.9% during the 3rd quarter, HoldingsChannel reports. 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.’s holdings in Gates Industrial were worth $52,625,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Savant Capital LLC boosted its stake in shares of Gates Industrial by 1.7% in the third quarter. Savant Capital LLC now owns 131,153 shares of the company’s stock worth $3,255,000 after acquiring an additional 2,189 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Gates Industrial by 0.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,141,879 shares of the company’s stock valued at $28,341,000 after purchasing an additional 8,364 shares during the last quarter. Hantz Financial Services Inc. lifted its holdings in Gates Industrial by 7.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 106,794 shares of the company’s stock valued at $2,651,000 after purchasing an additional 7,268 shares in the last quarter. Allianz Asset Management GmbH acquired a new stake in Gates Industrial during the 3rd quarter worth $2,033,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Gates Industrial during the third quarter worth $182,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

NYSE GTES opened at $26.85 on Friday. The stock has a fifty day simple moving average of $22.59 and a 200-day simple moving average of $23.77. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. The stock 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.

Analyst Upgrades and Downgrades

GTES has been the topic of several research reports. UBS Group decreased their price target on shares of Gates Industrial from $29.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, January 5th. Citigroup reissued a “buy” rating on shares of Gates Industrial in a research note on Monday, January 12th. Wall Street Zen lowered Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. Wells Fargo & Company initiated coverage on Gates Industrial in a research report on Thursday, November 13th. They set an “equal weight” rating and a $23.00 price objective on the stock. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research note on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.09.

Insider Activity at Gates Industrial

In related news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the transaction, the chief financial officer owned 177,627 shares of the company’s stock, valued at approximately $4,044,566.79. This trade represents a 11.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.70% of the company’s stock.

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.