Fred Alger Management LLC Raises Stake in Gates Industrial Corp PLC (NYSE:GTES)

Fred Alger Management LLC lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 6.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,827,082 shares of the company's stock after purchasing an additional 161,450 shares during the quarter. Fred Alger Management LLC owned about 1.11% of Gates Industrial worth $49,615,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Headlands Technologies LLC grew its holdings in shares of Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock worth $27,000 after purchasing an additional 1,320 shares during the period. Venturi Wealth Management LLC grew its holdings in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock worth $54,000 after purchasing an additional 814 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Gates Industrial during the 3rd quarter worth about $67,000. GAMMA Investing LLC lifted its position in Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock worth $68,000 after acquiring an additional 2,998 shares in the last quarter. Finally, Covestor Ltd lifted its position in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company's stock worth $84,000 after acquiring an additional 1,001 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Performance

Shares of GTES opened at $22.12 on Friday. The business's 50 day moving average is $19.24 and its two-hundred day moving average is $17.69. Gates Industrial Corp PLC has a 52-week low of $11.22 and a 52-week high of $22.43. The firm has a market cap of $5.63 billion, a price-to-earnings ratio of 26.65 and a beta of 1.38. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.

Analysts Set New Price Targets

Several equities analysts recently commented on GTES shares. Evercore ISI boosted 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. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their price target for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Barclays boosted their price target on Gates Industrial from $16.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. KeyCorp boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, November 21st. Finally, The Goldman Sachs Group boosted their price target on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $20.40.

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.

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