UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 91.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 563,407 shares of the company's stock after buying an additional 268,484 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.22% of Gates Industrial worth $9,888,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Venturi Wealth Management LLC grew its stake in Gates Industrial by 35.9% in 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 during the period. Bank of Montreal Can grew its stake in shares of Gates Industrial by 2.5% during the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company's stock worth $535,000 after acquiring an additional 823 shares during the period. Covestor Ltd grew its stake in shares of Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company's stock worth $84,000 after acquiring an additional 1,001 shares during the period. Tectonic Advisors LLC grew its stake in shares of Gates Industrial by 5.5% during the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company's stock worth $353,000 after acquiring an additional 1,043 shares during the period. Finally, Fort L.P. grew its stake in shares of Gates Industrial by 9.3% during the 3rd quarter. Fort L.P. now owns 14,423 shares of the company's stock worth $253,000 after acquiring an additional 1,222 shares during the period. Institutional investors own 98.50% of the company's stock.
Analysts Set New Price Targets
Several research firms have recently weighed in on GTES. Barclays upgraded 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. Royal Bank of Canada upgraded Gates Industrial from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Evercore ISI increased their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research note on Monday, August 19th. KeyCorp increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Thursday, November 21st. Finally, Morgan Stanley started coverage on Gates Industrial in a report on Friday, September 6th. They set an "equal weight" rating and a $19.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $22.00.
View Our Latest Stock Analysis on Gates Industrial
Gates Industrial Price Performance
Gates Industrial stock traded down $0.27 during mid-day trading on Monday, hitting $22.37. 2,352,300 shares of the company traded hands, compared to its average volume of 3,048,720. The stock has a fifty day moving average price of $19.91 and a 200-day moving average price of $17.95. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of 26.95 and a beta of 1.38. Gates Industrial Corp PLC has a one year low of $11.65 and a one year high of $23.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.
About Gates Industrial
(
Free Report)
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.
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