Citigroup Inc. raised its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 38.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 245,335 shares of the company's stock after purchasing an additional 68,130 shares during the quarter. Citigroup Inc. owned about 0.10% of Gates Industrial worth $4,306,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its stake in Gates Industrial by 2.1% during the 3rd 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. Dimensional Fund Advisors LP boosted its holdings in shares of Gates Industrial by 9.5% in the 2nd 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. LSV Asset Management boosted its holdings in shares of Gates Industrial by 19.9% in the 2nd 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. Jennison Associates LLC boosted its holdings in shares of Gates Industrial by 45.9% in the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock valued at $70,763,000 after acquiring an additional 1,268,407 shares during the last quarter. Finally, Fred Alger Management LLC boosted its holdings in shares of Gates Industrial by 156.8% in the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock valued at $42,144,000 after acquiring an additional 1,627,482 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.
Wall Street Analyst Weigh In
GTES has been the topic of several recent research 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. Barclays increased their price target on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Evercore ISI increased their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a report on Monday, August 19th. Finally, Morgan Stanley assumed coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 target price for the company. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.40.
View Our Latest Stock Report on GTES
Gates Industrial Trading Up 0.1 %
Shares of GTES traded up $0.02 during trading on Wednesday, reaching $22.43. 3,287,214 shares of the company traded hands, compared to its average volume of 3,053,132. Gates Industrial Corp PLC has a twelve month low of $11.22 and a twelve month high of $22.56. The stock has a market cap of $5.71 billion, a PE ratio of 27.14 and a beta of 1.38. The stock has a 50-day simple moving average of $19.51 and a 200-day simple moving average of $17.81. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.
Gates Industrial Company Profile
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Free Report)
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.
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