Gates Industrial Corp PLC (NYSE:GTES) Shares Purchased by State Street Corp

State Street Corp grew its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 112.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 6,523,366 shares of the company’s stock after purchasing an additional 3,459,450 shares during the quarter. State Street Corp’s holdings in Gates Industrial were worth $114,485,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

GTES has been the topic of a number of research analyst reports. Jefferies Financial Group raised their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Evercore ISI raised their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. Morgan Stanley initiated 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 on the stock. Finally, Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.80.

Gates Industrial Stock Performance

Shares of GTES stock opened at $21.99 on Monday. The company’s fifty day moving average price is $20.30 and its two-hundred day moving average price is $18.08. 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 $5.60 billion, a P/E ratio of 26.49 and a beta of 1.38. Gates Industrial Corp PLC has a 12 month low of $12.03 and a 12 month 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.