Jennison Associates LLC Purchases 1,268,407 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Jennison Associates LLC raised its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 45.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,032,089 shares of the company's stock after buying an additional 1,268,407 shares during the period. Jennison Associates LLC owned 1.58% of Gates Industrial worth $70,763,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Pathstone Holdings LLC raised its stake in shares of Gates Industrial by 39.2% in the third quarter. Pathstone Holdings LLC now owns 81,708 shares of the company's stock valued at $1,434,000 after acquiring an additional 23,005 shares during the last quarter. Swiss National Bank raised its position in Gates Industrial by 4.7% in the 3rd quarter. Swiss National Bank now owns 408,200 shares of the company's stock valued at $7,164,000 after purchasing an additional 18,500 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Gates Industrial by 21.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 958,417 shares of the company's stock valued at $16,820,000 after purchasing an additional 166,635 shares during the last quarter. Mutual of America Capital Management LLC acquired a new position in Gates Industrial in the third quarter worth $597,000. Finally, Natixis Advisors LLC grew its holdings in shares of Gates Industrial by 25.3% during the third quarter. Natixis Advisors LLC now owns 170,785 shares of the company's stock worth $2,997,000 after purchasing an additional 34,461 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on GTES shares. Barclays lifted their price target on Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. KeyCorp boosted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday. The Goldman Sachs Group increased their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday, August 1st. Evercore ISI boosted 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 report on Monday, August 19th. Finally, Robert W. Baird decreased their price objective on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock 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 company. According to data from MarketBeat.com, Gates Industrial presently has an average rating of "Moderate Buy" and an average price target of $20.40.

Gates Industrial Stock Down 0.9 %

Shares of Gates Industrial stock opened at $21.09 on Thursday. The business has a fifty day simple moving average of $18.68 and a 200 day simple moving average of $17.47. The stock has a market cap of $5.37 billion, a PE ratio of 25.41 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. Gates Industrial Corp PLC has a 12 month low of $11.22 and a 12 month high of $21.54.

Gates Industrial announced that its Board of Directors has approved a share repurchase plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

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.