Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC raised its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 16.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 3,460,855 shares of the company's stock after purchasing an additional 476,962 shares during the period. Geode Capital Management LLC owned about 1.36% of Gates Industrial worth $60,755,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of GTES. Venturi Wealth Management LLC grew its stake in Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock valued at $54,000 after purchasing an additional 814 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Gates Industrial by 2.5% during the second quarter. Bank of Montreal Can now owns 33,800 shares of the company's stock worth $535,000 after buying an additional 823 shares during the period. Covestor Ltd grew its stake in shares of Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company's stock worth $84,000 after purchasing an additional 1,001 shares in the last quarter. Tectonic Advisors LLC grew its position in Gates Industrial by 5.5% in the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company's stock valued at $353,000 after buying an additional 1,043 shares in the last quarter. Finally, Fort L.P. raised its holdings in Gates Industrial by 9.3% during the third quarter. Fort L.P. now owns 14,423 shares of the company's stock worth $253,000 after purchasing an additional 1,222 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Performance

NYSE:GTES traded up $0.15 during trading hours on Friday, reaching $20.38. The company had a trading volume of 5,017,648 shares, compared to its average volume of 3,049,066. The business's 50 day moving average price is $20.65 and its 200-day moving average price is $18.23. The firm has a market cap of $5.19 billion, a PE ratio of 24.55 and a beta of 1.38. Gates Industrial Corp PLC has a 1-year low of $12.40 and a 1-year high of $23.34. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Analyst Upgrades and Downgrades

A number of research analysts have commented on GTES shares. Barclays upgraded shares of Gates Industrial from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, December 12th. KeyCorp increased their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Thursday, November 21st. Morgan Stanley began coverage on Gates Industrial in a research report on Friday, September 6th. They set an "equal weight" rating and a $19.00 price target on the stock. Finally, Citigroup increased their target price on shares of Gates Industrial from $24.00 to $27.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial presently has a consensus rating of "Moderate Buy" and an average price target of $22.80.

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.