Castleark Management LLC Purchases 99,960 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Castleark Management LLC increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 55.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 281,650 shares of the company's stock after purchasing an additional 99,960 shares during the quarter. Castleark Management LLC owned 0.11% of Gates Industrial worth $4,943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of Gates Industrial by 2.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company's stock valued at $262,011,000 after purchasing an additional 303,353 shares in the last quarter. FMR LLC increased its position in Gates Industrial by 4.5% during the third quarter. FMR LLC now owns 13,059,271 shares of the company's stock valued at $229,190,000 after acquiring an additional 562,643 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Gates Industrial by 9.5% during the second 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 last quarter. State Street Corp increased its position in Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company's stock valued at $114,485,000 after acquiring an additional 3,459,450 shares during the last quarter. Finally, LSV Asset Management increased its position in Gates Industrial by 19.9% during the second 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 last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Price Performance

Shares of NYSE:GTES traded down $0.29 during trading on Friday, hitting $22.64. 2,228,481 shares of the company's stock were exchanged, compared to its average volume of 2,553,531. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. Gates Industrial Corp PLC has a 52-week low of $11.22 and a 52-week high of $23.34. The business's 50-day simple moving average is $19.82 and its 200 day simple moving average is $17.92. The company has a market cap of $5.77 billion, a price-to-earnings ratio of 27.28 and a beta of 1.38.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Jefferies Financial Group upped their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Friday. Barclays upgraded Gates Industrial from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $21.00 to $25.00 in a research report on Thursday. Royal Bank of Canada upgraded Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Morgan Stanley started coverage on Gates Industrial in a research report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 price target for the company. Finally, Evercore ISI upped their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research report on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $21.30.

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.