Stifel Financial Corp Increases Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Stifel Financial Corp increased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 40.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 139,338 shares of the company’s stock after purchasing an additional 40,027 shares during the period. Stifel Financial Corp’s holdings in Gates Industrial were worth $2,445,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Venturi Wealth Management LLC increased its holdings in shares of 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 period. Bank of Montreal Can boosted its position in shares of Gates Industrial by 2.5% in the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after purchasing an additional 823 shares in the last quarter. Covestor Ltd grew its stake in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after buying an additional 1,001 shares during the last quarter. Tectonic Advisors LLC increased its position in Gates Industrial by 5.5% during the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock valued at $353,000 after buying an additional 1,043 shares in the last quarter. Finally, Fort L.P. raised its stake in Gates Industrial by 9.3% in the third quarter. Fort L.P. now owns 14,423 shares of the company’s stock valued at $253,000 after buying an additional 1,222 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $20.83 on Thursday. 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 stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of 25.10 and a beta of 1.38. The firm’s 50 day simple moving average is $20.47 and its 200-day simple moving average is $18.15. Gates Industrial Corp PLC has a 12 month low of $12.40 and a 12 month high of $23.34.

Analyst Upgrades and Downgrades

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

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.