Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by Fmr LLC

FMR LLC lifted its stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 4.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,059,271 shares of the company's stock after acquiring an additional 562,643 shares during the period. FMR LLC owned 5.13% of Gates Industrial worth $229,190,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Fred Alger Management LLC boosted its stake in shares of Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock worth $42,144,000 after buying an additional 1,627,482 shares during the last quarter. Jennison Associates LLC boosted its position in Gates Industrial by 45.9% in the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock worth $70,763,000 after purchasing an additional 1,268,407 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock worth $18,670,000 after purchasing an additional 1,048,596 shares during the period. Dimensional Fund Advisors LP increased its holdings 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 valued at $188,477,000 after purchasing an additional 1,037,741 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of Gates Industrial by 606.4% in the 3rd quarter. New York State Common Retirement Fund now owns 948,825 shares of the company's stock valued at $16,652,000 after purchasing an additional 814,510 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on GTES. KeyCorp boosted their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Thursday, November 21st. Evercore ISI boosted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research note on Monday, August 19th. Royal Bank of Canada upgraded Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Morgan Stanley assumed coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 price objective for the company. Finally, Barclays upped their price target on Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $20.40.

Gates Industrial Stock Performance

NYSE GTES traded up $0.10 during trading on Tuesday, reaching $22.38. The company's stock had a trading volume of 484,623 shares, compared to its average volume of 3,044,257. Gates Industrial Corp PLC has a twelve month low of $11.22 and a twelve month high of $22.48. The firm has a market cap of $5.70 billion, a price-to-earnings ratio of 26.84 and a beta of 1.38. The business's fifty day moving average price is $19.42 and its 200-day moving average price is $17.78. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

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.