26,002 Shares in Gates Industrial Corp PLC (NYSE:GTES) Bought by Wexford Capital LP

Wexford Capital LP purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 26,002 shares of the company's stock, valued at approximately $456,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its holdings in shares of Gates Industrial by 2.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company's stock worth $262,011,000 after purchasing an additional 303,353 shares during the period. FMR LLC increased its stake in Gates Industrial by 4.5% during the 3rd quarter. FMR LLC now owns 13,059,271 shares of the company's stock worth $229,190,000 after acquiring an additional 562,643 shares during the period. Dimensional Fund Advisors LP raised its holdings in Gates Industrial by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company's stock valued at $188,477,000 after acquiring an additional 1,037,741 shares in the last quarter. State Street Corp lifted its position in shares of Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company's stock valued at $114,485,000 after acquiring an additional 3,459,450 shares during the period. Finally, LSV Asset Management grew its holdings in shares of Gates Industrial by 19.9% during the 2nd quarter. LSV Asset Management now owns 4,137,951 shares of the company's stock worth $65,421,000 after purchasing an additional 686,080 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on GTES. KeyCorp boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Thursday, November 21st. Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $20.00 to $22.00 in a research note on Monday, August 19th. 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. Jefferies Financial Group boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Friday. Finally, Barclays raised Gates Industrial from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $21.00 to $25.00 in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $21.30.

Gates Industrial Trading Down 1.3 %

Shares of NYSE:GTES traded down $0.29 during midday trading on Friday, hitting $22.64. 2,228,481 shares of the stock were exchanged, compared to its average volume of 2,553,531. The business's 50-day moving average price is $19.82 and its 200 day moving average price is $17.92. The stock has a market capitalization of $5.77 billion, a price-to-earnings ratio of 27.28 and a beta of 1.38. Gates Industrial Corp PLC has a 12 month low of $11.22 and a 12 month 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

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.