479,770 Shares in Gates Industrial Corp PLC (NYSE:GTES) Bought by Public Sector Pension Investment Board

Public Sector Pension Investment Board purchased a new stake in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 479,770 shares of the company's stock, valued at approximately $8,420,000. Public Sector Pension Investment Board owned 0.19% of Gates Industrial as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its stake in Gates Industrial by 67.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 61,668 shares of the company's stock worth $1,093,000 after buying an additional 24,946 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Gates Industrial by 33.1% during the first quarter. Public Employees Retirement System of Ohio now owns 65,879 shares of the company's stock worth $1,167,000 after acquiring an additional 16,398 shares during the period. California State Teachers Retirement System raised its stake in shares of Gates Industrial by 15.8% in the first quarter. California State Teachers Retirement System now owns 171,137 shares of the company's stock valued at $3,031,000 after acquiring an additional 23,291 shares in the last quarter. Tidal Investments LLC boosted its holdings in Gates Industrial by 11.3% in the first quarter. Tidal Investments LLC now owns 53,384 shares of the company's stock valued at $945,000 after purchasing an additional 5,402 shares during the period. Finally, First Hawaiian Bank acquired a new position in Gates Industrial during the 2nd quarter worth $520,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Price Performance

GTES stock opened at $22.16 on Friday. Gates Industrial Corp PLC has a 1 year low of $11.22 and a 1 year high of $22.43. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The firm has a market cap of $5.64 billion, a P/E ratio of 26.68 and a beta of 1.38. The stock's 50 day moving average price is $19.33 and its 200 day moving average price is $17.73.

Wall Street Analyst Weigh In

A number of brokerages have commented on GTES. KeyCorp increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Thursday, November 21st. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Barclays increased their price objective on Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Morgan Stanley started coverage on Gates Industrial in a research note on Friday, September 6th. They set an "equal weight" rating and a $19.00 target price for the company. Finally, Evercore ISI increased their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research note on Monday, August 19th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Gates Industrial presently has an average rating of "Moderate Buy" and an average price target of $20.40.

Gates Industrial 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.