State Street Corp Increases Holdings in Gates Industrial Corp PLC (NYSE:GTES)

State Street Corp grew its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 112.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,523,366 shares of the company's stock after purchasing an additional 3,459,450 shares during the period. State Street Corp owned about 2.56% of Gates Industrial worth $114,485,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of GTES. Headlands Technologies LLC grew its position in Gates Industrial by 341.1% in 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% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock worth $54,000 after acquiring an additional 814 shares during the period. Capital Performance Advisors LLP purchased a new stake in Gates Industrial during the third quarter valued at $67,000. GAMMA Investing LLC lifted its holdings in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock valued at $68,000 after acquiring an additional 2,998 shares during the period. Finally, Quarry LP purchased a new position in Gates Industrial in the third quarter worth about $71,000. Hedge funds and other institutional investors own 98.50% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GTES. Evercore ISI increased their price objective 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. Morgan Stanley initiated coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an "equal weight" rating and a $19.00 price objective for the company. Jefferies Financial Group upped their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Citigroup lifted their target price on Gates Industrial from $24.00 to $27.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Finally, Royal Bank of Canada raised their price objective on Gates Industrial from $22.00 to $26.00 and gave the stock an "outperform" rating in a research note on Thursday. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Gates Industrial currently has a consensus rating of "Moderate Buy" and an average price target of $22.80.

Gates Industrial Price Performance

Gates Industrial stock traded down $0.10 during midday trading on Monday, reaching $21.89. 1,248,571 shares of the stock traded hands, compared to its average volume of 3,033,012. 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 Corp PLC has a 12 month low of $12.30 and a 12 month high of $23.34. The stock's fifty day moving average is $20.30 and its 200-day moving average is $18.08. The stock has a market cap of $5.58 billion, a P/E ratio of 26.52 and a beta of 1.38.

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.