Maven Securities LTD Raises Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Maven Securities LTD lifted its position in Gates Industrial Corp PLC (NYSE:GTES) by 41.7% in the third quarter, Holdings Channel reports. The firm owned 17,000 shares of the company’s stock after buying an additional 5,000 shares during the period. Maven Securities LTD’s holdings in Gates Industrial were worth $298,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Fred Alger Management LLC lifted its holdings in shares of Gates Industrial by 156.8% in the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after buying an additional 1,627,482 shares during the period. Jennison Associates LLC raised its holdings in shares of Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after acquiring an additional 1,268,407 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Gates Industrial by 6,879.6% in the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock valued at $18,670,000 after acquiring an additional 1,048,596 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after acquiring an additional 1,037,741 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in Gates Industrial by 606.4% during the 3rd quarter. New York State Common Retirement Fund now owns 948,825 shares of the company’s stock worth $16,652,000 after acquiring an additional 814,510 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on GTES. Morgan Stanley started coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target for the company. KeyCorp boosted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $21.00 to $25.00 in a report on Thursday. Evercore ISI lifted their price target on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, 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 note on Monday, August 19th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.80.

Gates Industrial Trading Up 2.2 %

Shares of NYSE:GTES opened at $22.93 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The firm has a market capitalization of $5.84 billion, a P/E ratio of 27.63 and a beta of 1.38. The business’s 50-day moving average is $19.72 and its 200 day moving average is $17.88. Gates Industrial Corp PLC has a 1 year low of $11.22 and a 1 year high of $23.34.

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.