Dynamic Technology Lab Private Ltd Makes New $1.22 Million Investment in Gates Industrial Corp PLC (NYSE:GTES)

Dynamic Technology Lab Private Ltd acquired a new position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 69,282 shares of the company's stock, valued at approximately $1,216,000.

Several other institutional investors have also recently made changes to their positions in GTES. Vanguard Group Inc. grew its stake in shares of Gates Industrial by 17.5% during the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company's stock worth $318,935,000 after purchasing an additional 2,678,954 shares during the period. Fred Alger Management LLC grew its position in Gates Industrial by 156.8% during the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock valued at $42,144,000 after buying an additional 1,627,482 shares during the period. Jennison Associates LLC increased its holdings in Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock valued at $70,763,000 after buying an additional 1,268,407 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Gates Industrial by 6,879.6% in the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock worth $18,670,000 after acquiring an additional 1,048,596 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Gates Industrial by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company's stock worth $188,477,000 after acquiring an additional 1,037,741 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Evercore ISI lifted their price target on Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research note on Monday, August 19th. KeyCorp upped their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday, November 21st. Robert W. Baird dropped their price target on shares of Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a research note on Thursday, August 1st. Barclays upped their price objective on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. Finally, Morgan Stanley started 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 on the stock. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.40.

Gates Industrial Trading Up 0.3 %

Shares of Gates Industrial stock opened at $22.21 on Wednesday. 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's 50 day simple moving average is $18.97 and its 200-day simple moving average is $17.59. The stock has a market cap of $5.66 billion, a P/E ratio of 26.76 and a beta of 1.38. Gates Industrial Corp PLC has a 1-year low of $11.22 and a 1-year high of $22.31.

Gates Industrial announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its shares are undervalued.

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.