Olstein Capital Management L.P. Cuts Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Olstein Capital Management L.P. lessened its stake in Gates Industrial Corp PLC (NYSE:GTES) by 10.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 181,000 shares of the company’s stock after selling 20,000 shares during the period. Olstein Capital Management L.P.’s holdings in Gates Industrial were worth $3,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of GTES. Vanguard Group Inc. increased its position in Gates Industrial by 17.5% during the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after buying an additional 2,678,954 shares in the last quarter. Fred Alger Management LLC increased its holdings in shares of Gates Industrial by 156.8% during the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock valued at $42,144,000 after acquiring an additional 1,627,482 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Gates Industrial by 6,879.6% in the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock valued at $18,670,000 after purchasing an additional 1,048,596 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Gates Industrial by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after purchasing an additional 1,037,741 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its position in Gates Industrial by 606.4% during the third quarter. New York State Common Retirement Fund now owns 948,825 shares of the company’s stock valued at $16,652,000 after purchasing an additional 814,510 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Trading Up 0.3 %

NYSE:GTES traded up $0.07 during trading hours on Thursday, hitting $21.42. The company had a trading volume of 77,036 shares, compared to its average volume of 3,072,035. Gates Industrial Corp PLC has a 1 year low of $11.14 and a 1 year high of $21.52. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The company has a 50-day moving average of $17.89 and a 200 day moving average of $17.21. The company has a market cap of $5.46 billion, a P/E ratio of 25.72 and a beta of 1.38.

Gates Industrial announced that its board has initiated a share repurchase plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on GTES shares. Robert W. Baird reduced their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Barclays lifted their price target on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Evercore ISI lifted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, The Goldman Sachs Group increased their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Insider Buying and Selling

In other news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average price of $16.80 per share, with a total value of $200,793.60. Following the transaction, the director now owns 6,000 shares in the company, valued at $100,800. This represents a -200.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by company insiders.

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.