Cerity Partners LLC Acquires 23,175 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Cerity Partners LLC grew its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 15.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 176,382 shares of the company’s stock after purchasing an additional 23,175 shares during the quarter. Cerity Partners LLC owned approximately 0.07% of Gates Industrial worth $3,096,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Citigroup Inc. raised its holdings in shares of Gates Industrial by 38.4% in the 3rd quarter. Citigroup Inc. now owns 245,335 shares of the company’s stock worth $4,306,000 after purchasing an additional 68,130 shares during the period. AlphaCore Capital LLC purchased a new stake in Gates Industrial in the third quarter worth $179,000. Charles Schwab Investment Management Inc. raised its stake in shares of Gates Industrial by 22.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,331,110 shares of the company’s stock valued at $40,911,000 after buying an additional 428,297 shares during the period. Foundry Partners LLC purchased a new position in shares of Gates Industrial during the 3rd quarter valued at $4,247,000. Finally, Jennison Associates LLC grew its stake in shares of 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 acquiring an additional 1,268,407 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Evercore ISI upped their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Morgan Stanley assumed coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. KeyCorp increased their target price on Gates Industrial from $22.00 to $23.00 and gave the stock 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 raised their price target for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Barclays boosted their price objective on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.40.

Gates Industrial Stock Performance

NYSE:GTES opened at $22.16 on Friday. The stock has a market cap of $5.64 billion, a P/E ratio of 26.70 and a beta of 1.38. 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 business’s 50-day moving average price is $19.33 and its two-hundred day moving average price is $17.73. Gates Industrial Corp PLC has a twelve month low of $11.22 and a twelve month high of $22.43.

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.