HighTower Advisors LLC Takes $179,000 Position in Gates Industrial Corp PLC (NYSE:GTES)

HighTower Advisors LLC acquired a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 10,336 shares of the company’s stock, valued at approximately $179,000.

Several other large investors also recently bought and sold shares of GTES. Headlands Technologies LLC lifted its position in Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after buying an additional 1,320 shares in the last quarter. Venturi Wealth Management LLC raised its position in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the period. Capital Performance Advisors LLP purchased a new position in Gates Industrial during the 3rd quarter valued at about $67,000. GAMMA Investing LLC boosted its stake in shares of 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 purchasing an additional 2,998 shares during the period. Finally, Covestor Ltd increased its position in shares of Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after acquiring an additional 1,001 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Royal Bank of Canada increased their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. KeyCorp increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Morgan Stanley assumed coverage on Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. Jefferies Financial Group raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $21.00 to $25.00 in a research report on Thursday, December 5th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average target price of $22.80.

Gates Industrial Stock Performance

NYSE GTES opened at $20.83 on Thursday. Gates Industrial Corp PLC has a 1-year low of $12.40 and a 1-year high of $23.34. The company has a 50 day moving average of $20.83 and a 200-day 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. The firm has a market cap of $5.31 billion, a price-to-earnings ratio of 25.10 and a beta of 1.38.

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.