Fmr LLC Buys 562,643 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Fmr LLC boosted its position in Gates Industrial Corp PLC (NYSE:GTES) by 4.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,059,271 shares of the company’s stock after acquiring an additional 562,643 shares during the quarter. Fmr LLC owned 0.05% of Gates Industrial worth $229,190,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in GTES. Allspring Global Investments Holdings LLC raised its position in Gates Industrial by 2.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Gates Industrial by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock valued at $188,477,000 after acquiring an additional 1,037,741 shares during the period. LSV Asset Management boosted its holdings in Gates Industrial by 19.9% during the 2nd quarter. LSV Asset Management now owns 4,137,951 shares of the company’s stock valued at $65,421,000 after acquiring an additional 686,080 shares during the period. Jennison Associates LLC grew its position in Gates Industrial by 45.9% during the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after acquiring an additional 1,268,407 shares during the last quarter. Finally, Fred Alger Management LLC increased its stake in 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 purchasing an additional 1,627,482 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $22.28 on Tuesday. The business has a fifty day simple moving average of $19.42 and a two-hundred day simple moving average of $17.78. The firm has a market capitalization of $5.68 billion, a P/E ratio of 26.84 and a beta of 1.38. 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 $11.22 and a 12 month high of $22.48.

Analyst Upgrades and Downgrades

GTES has been the subject of several analyst reports. Barclays increased their price target on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Morgan Stanley assumed coverage on shares of Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. KeyCorp boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Evercore ISI boosted their target price on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.40.

Gates Industrial Company 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.