Teachers Retirement System of The State of Kentucky Invests $1.38 Million in Gates Industrial Corp PLC (NYSE:GTES)

Teachers Retirement System of The State of Kentucky purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 78,400 shares of the company's stock, valued at approximately $1,376,000.

Other large investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Gates Industrial by 44.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,842 shares of the company's stock valued at $551,000 after buying an additional 10,776 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Gates Industrial by 88.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 20,573 shares of the company's stock valued at $325,000 after acquiring an additional 9,640 shares in the last quarter. Raymond James & Associates raised its position in shares of Gates Industrial by 107.7% during the second quarter. Raymond James & Associates now owns 643,137 shares of the company's stock worth $10,168,000 after purchasing an additional 333,535 shares during the period. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Gates Industrial by 24.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 34,281 shares of the company's stock worth $542,000 after purchasing an additional 6,667 shares in the last quarter. Finally, Raymond James Trust N.A. acquired a new stake in Gates Industrial in the 2nd quarter valued at $190,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Stock Performance

GTES stock traded down $0.96 during mid-day trading on Wednesday, hitting $20.83. The company had a trading volume of 2,734,887 shares, compared to its average volume of 3,040,658. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The firm has a market cap of $5.31 billion, a PE ratio of 25.10 and a beta of 1.38. Gates Industrial Corp PLC has a 12 month low of $12.40 and a 12 month high of $23.34. The stock's fifty day moving average price is $20.47 and its two-hundred day moving average price is $18.15.

Wall Street Analyst Weigh In

GTES has been the subject of a number of analyst reports. KeyCorp lifted 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. Royal Bank of Canada boosted their price objective on Gates Industrial from $22.00 to $26.00 and gave the stock an "outperform" rating in a report on Thursday, December 12th. Barclays upgraded Gates Industrial from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $21.00 to $25.00 in a report on Thursday, December 5th. The Goldman Sachs Group upped 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. Finally, Citigroup raised their price objective on Gates Industrial from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Monday, December 9th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $22.80.

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.