Principal Financial Group Inc. Purchases 1,048,596 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Principal Financial Group Inc. boosted its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 6,879.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,063,838 shares of the company’s stock after buying an additional 1,048,596 shares during the quarter. Principal Financial Group Inc. owned approximately 0.42% of Gates Industrial worth $18,670,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Headlands Technologies LLC lifted its holdings in Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after buying an additional 1,320 shares during the period. Venturi Wealth Management LLC lifted its stake in shares of Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after acquiring an additional 814 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Gates Industrial in the third quarter worth approximately $67,000. GAMMA Investing LLC boosted its holdings in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after acquiring an additional 2,998 shares during the last quarter. Finally, Quarry LP acquired a new stake in Gates Industrial during the 3rd quarter valued at approximately $71,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on GTES shares. Morgan Stanley began coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. The Goldman Sachs Group increased their price target on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. KeyCorp boosted their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Citigroup raised their target price on Gates Industrial from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Barclays raised Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $21.00 to $25.00 in a research note on Thursday, December 5th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.80.

Gates Industrial Stock Performance

NYSE GTES opened at $21.02 on Friday. The company has a market cap of $5.35 billion, a P/E ratio of 25.33 and a beta of 1.38. The company has a fifty day simple moving average of $20.83 and a 200 day simple moving average of $18.30. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 12-month low of $12.40 and a 12-month high of $23.34.

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.