Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by Fred Alger Management LLC

Fred Alger Management LLC increased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 6.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,827,082 shares of the company’s stock after buying an additional 161,450 shares during the quarter. Fred Alger Management LLC’s holdings in Gates Industrial were worth $49,615,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in GTES. Jennison Associates LLC grew its stake in Gates Industrial by 45.9% during the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after buying an additional 1,268,407 shares during the last quarter. Principal Financial Group Inc. grew its stake in Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after buying an additional 1,048,596 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Gates Industrial by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after buying an additional 1,037,741 shares during the last quarter. New York State Common Retirement Fund grew its stake in Gates Industrial by 606.4% during the 3rd quarter. New York State Common Retirement Fund now owns 948,825 shares of the company’s stock worth $16,652,000 after buying an additional 814,510 shares during the last quarter. Finally, LSV Asset Management grew its stake in 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 buying an additional 686,080 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Trading Down 0.4 %

Shares of Gates Industrial stock opened at $22.12 on Friday. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The firm has a market cap of $5.63 billion, a price-to-earnings ratio of 26.65 and a beta of 1.38. The business has a fifty day simple moving average of $19.24 and a 200-day simple moving average of $17.69. Gates Industrial Corp PLC has a fifty-two week low of $11.22 and a fifty-two week high of $22.43.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on GTES shares. Evercore ISI upped their price objective 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. The Goldman Sachs Group increased their price target on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Morgan Stanley started coverage on Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target for the company. Royal Bank of Canada raised 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. Finally, Barclays increased their price target on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and a consensus 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.