78,400 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 78,400 shares of the company’s stock, valued at approximately $1,376,000.

Several other institutional investors also recently bought and sold shares of GTES. Wealth Enhancement Advisory Services LLC grew its position in Gates Industrial by 44.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,842 shares of the company’s stock valued at $551,000 after acquiring an additional 10,776 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Gates Industrial by 88.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 20,573 shares of the company’s stock valued at $325,000 after purchasing an additional 9,640 shares in the last quarter. Raymond James & Associates increased its stake in Gates Industrial by 107.7% during the 2nd quarter. Raymond James & Associates now owns 643,137 shares of the company’s stock worth $10,168,000 after buying an additional 333,535 shares during the period. Hennion & Walsh Asset Management Inc. lifted its holdings in Gates Industrial by 24.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 34,281 shares of the company’s stock worth $542,000 after buying an additional 6,667 shares in the last quarter. Finally, Raymond James Trust N.A. purchased a new position in Gates Industrial in the 2nd quarter valued at about $190,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $21.81 on Wednesday. The company has a market cap of $5.55 billion, a PE ratio of 26.25 and a beta of 1.38. Gates Industrial Corp PLC has a fifty-two week low of $12.30 and a fifty-two week high of $23.34. The firm has a 50-day simple moving average of $20.38 and a 200 day simple moving average of $18.11. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.

Wall Street Analyst Weigh In

GTES has been the topic of several recent analyst reports. KeyCorp boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Morgan Stanley assumed coverage on Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Jefferies Financial Group increased their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada boosted their target price on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Gates Industrial presently has an average rating of “Moderate Buy” and a consensus target price of $22.80.

Gates Industrial 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.