Cornercap Investment Counsel Inc., an investment firm, recently announced a decrease in its position in shares of Gates Industrial Corp PLC. According to the company’s disclosure with the Securities and Exchange Commission, Cornercap Investment Counsel Inc. lowered its position by 11.4% during the first quarter of this year. As a result, the firm now owns 77,248 shares of Gates Industrial’s stock, having sold 9,891 shares during the aforementioned period. At the time of filing with the Securities and Exchange Commission, Cornercap Investment Counsel Inc.’s holdings in Gates Industrial were valued at $1,073,000.
Gates Industrial Corporation PLC is a renowned manufacturer that specializes in designing power transmission equipment. Its products cater to a wide range of industries including agriculture, construction, manufacturing, energy, and even consumer applications such as printers, power washers, automatic doors, vacuum cleaners, and various forms of transportation.
On Friday trading hours on the New York Stock Exchange (NYSE), GTES shares showed positive movement by increasing $0.03 to reach a trading price of $11.81 per share. A total of 349,649 shares were exchanged during this trading session compared to its average volume of 1,249
719 shares traded. Currently holding a market capitalization of $3.12 billion and having a price-to-earnings ratio of 14.73 with a beta value of 1.57., Gates Industrial Corp PLC has experienced both highs and lows over the past year.
Highlighted through its one-year low valuation reaching $9.40 and one-year high valuation at $14.93 per share on August 26th,
2023 effectively demonstrating fluctuations for investors interested in this company’s stock performance.
Additionally noteworthy is Gates Industrial Corp PLC’s current financial standing represented by its current ratio sitting at 2.
97 and quick ratio recorded as 2.
17 indicative of its adequate liquidity based on its ability to meet short-term obligations. Furthermore, it held a debt-to-equity ratio of 0.
77 signaling the company’s utilization of equity financing rather than relying extensively on borrowed funds.
In terms of stock movement analysis over a specific timeframe, Gates Industrial Corp PLC recorded a fifty-day simple moving average of $12.92 and a two-hundred-day simple moving average coming in at $13.15 per share. These figures can provide investors with an insight into the stock’s overall trend and momentum.
In conclusion, while Cornercap Investment Counsel Inc. decreased its position in shares of Gates Industrial Corp PLC during the first quarter of this year, it is essential to consider various factors such as market capitalization, price-to-earnings ratio, quick ratio, debt-to-equity ratio, and moving averages mentioned earlier to gain a comprehensive understanding of the company’s financial performance and potential investment opportunities that may arise in the future.
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Recent Changes in Investor Positions: Gates Industrial Corporation PLC
Gates Industrial Corporation PLC, a leading designer and manufacturer of power transmission equipment, has seen some recent changes in its investor positions. Notable investors such as State Board of Administration of Florida Retirement System, Amalgamated Bank, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp, Bailard Inc., and HBK Sorce Advisory LLC have all made adjustments to their holdings in the company.
During the fourth quarter, the State Board of Administration of Florida Retirement System grew its position in Gates Industrial by 2.7%. This resulted in the acquisition of an additional 3,390 shares, bringing the total amount owned by the board to 128,827 shares worth $1,470,000.
Similarly, Amalgamated Bank increased its stake in Gates Industrial by an impressive 90.9% during the same period. With an additional acquisition of 18,079 shares, Amalgamated Bank now holds a total of 37,965 shares valued at $433,000.
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp also saw substantial growth in its position in Gates Industrial during the fourth quarter. Their holdings increased by 35%, with an additional purchase of 175,000 shares. As a result, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns a significant chunk of Gates Industrial – 675,000 shares worth $7,702,000.
Furthermore, Bailard Inc., a newcomer to Gates Industrial’s investor list during the first quarter this year, acquired a stake worth approximately $263k. Finally on our list is HBK Sorce Advisory LLC who invested $40k for a stake in Gates Industrial during the fourth quarter.
While several investors have shown confidence in Gates Industrial with their increased positions or new acquisitions; on August 14th major shareholder Aggregator (Cayman) L.P. Omaha decided to sell off 17.25 million shares of Gates Industrial stock. The average selling price was $11.57 per share, resulting in a total transaction value of $199,582,500. Following this transaction, Aggregator now directly holds 169,223 shares, valued at approximately $1,957,910.
In terms of the company’s rating and target price, various equities research analysts have weighed in on Gates Industrial. Evercore ISI reduced their initial target price from $15 to $14 on May 9th of this year. On the other hand, The Goldman Sachs Group downgraded Gates Industrial from a “buy” to a “neutral” rating and assigned a price target of $14.50 on June 20th.
Meanwhile, Robert W. Baird increased its price target for Gates Industrial from $18 to $19 on May 5th. Citigroup lowered the price target from $17 to $16 on August 4th. Finally, VNET Group maintained its rating of “Hold” for Gates Industrial as reported on May 9th.
Taking into consideration these analyst assessments and opinions, Bloomberg states that there is a consensus rating of “Hold” for Gates Industrial with an average price target of $15.25.
Overall, it is evident that Gates Industrial Corporation PLC has experienced mixed investor activity recently with some substantial growth seen in certain positions while others have decided to sell off portions of their holdings. With varying analyst opinions and ratings about the company’s future prospects and worth; market participants will be closely following any development or news that could impact Gates Industrial’s positioning in the near future.
