KBC Group NV Increases Position in Gates Industrial Corp PLC (NYSE:GTES)

KBC Group NV raised its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 2,487.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 146,086 shares of the company's stock after purchasing an additional 140,440 shares during the quarter. KBC Group NV owned 0.06% of Gates Industrial worth $3,005,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Hsbc Holdings PLC purchased a new stake in Gates Industrial during the 2nd quarter worth approximately $227,000. Bank of Montreal Can grew its stake in shares of Gates Industrial by 2.5% in the second quarter. Bank of Montreal Can now owns 33,800 shares of the company's stock worth $535,000 after acquiring an additional 823 shares in the last quarter. Algert Global LLC purchased a new stake in shares of Gates Industrial during the second quarter worth $316,000. Truist Financial Corp raised its stake in shares of Gates Industrial by 29.7% in the second quarter. Truist Financial Corp now owns 311,124 shares of the company's stock valued at $4,919,000 after acquiring an additional 71,252 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in Gates Industrial in the second quarter valued at $563,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Stock Up 1.4 %

Shares of NYSE GTES traded up $0.28 during mid-day trading on Tuesday, reaching $20.53. The company had a trading volume of 2,299,652 shares, compared to its average volume of 2,041,489. The firm has a 50 day simple moving average of $21.01 and a two-hundred day simple moving average of $19.21. Gates Industrial Corp PLC has a 52-week low of $12.40 and a 52-week high of $23.34. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The stock has a market cap of $5.23 billion, a P/E ratio of 24.73 and a beta of 1.37.

Analyst Ratings Changes

Several brokerages have weighed in on GTES. Citigroup cut their price target on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Barclays upgraded shares of Gates Industrial from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, December 12th. Jefferies Financial Group increased their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Finally, KeyCorp lifted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Gates Industrial has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

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.