Oliver Luxxe Assets LLC Invests $1.67 Million in Gates Industrial Corp PLC (NYSE:GTES)

Oliver Luxxe Assets LLC bought a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 80,964 shares of the company's stock, valued at approximately $1,665,000.

Several other institutional investors have also recently added to or reduced their stakes in GTES. Bank of New York Mellon Corp raised its stake in Gates Industrial by 33.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 591,722 shares of the company's stock worth $9,355,000 after acquiring an additional 147,846 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Gates Industrial by 8.9% in the 2nd quarter. Principal Financial Group Inc. now owns 15,242 shares of the company's stock valued at $241,000 after purchasing an additional 1,250 shares during the period. Natixis Advisors LLC grew its stake in Gates Industrial by 82.7% during the 2nd quarter. Natixis Advisors LLC now owns 136,324 shares of the company's stock worth $2,155,000 after buying an additional 61,706 shares during the last quarter. Rhumbline Advisers increased its position in Gates Industrial by 20.4% during the second quarter. Rhumbline Advisers now owns 201,576 shares of the company's stock worth $3,187,000 after buying an additional 34,167 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Gates Industrial by 1.3% in the second quarter. Victory Capital Management Inc. now owns 909,101 shares of the company's stock valued at $14,373,000 after buying an additional 11,736 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. 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 increased their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, December 12th. Jefferies Financial Group increased their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Royal Bank of Canada lifted their target price on shares of Gates Industrial from $22.00 to $26.00 and gave the company an "outperform" rating in a report on Thursday, December 12th. Finally, KeyCorp increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $22.80.

Gates Industrial Trading Up 0.1 %

NYSE GTES traded up $0.02 during mid-day trading on Monday, reaching $20.78. 2,536,556 shares of the stock were exchanged, compared to its average volume of 2,102,019. Gates Industrial Corp PLC has a 1-year low of $12.40 and a 1-year high of $23.34. The stock has a market capitalization of $5.29 billion, a PE ratio of 25.04 and a beta of 1.38. The business's fifty day simple moving average is $21.17 and its 200 day simple moving average is $18.56. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

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.