Fmr LLC Has $229.19 Million Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Fmr LLC grew its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 4.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,059,271 shares of the company’s stock after acquiring an additional 562,643 shares during the period. Fmr LLC owned 5.13% of Gates Industrial worth $229,190,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in GTES. Dynamic Technology Lab Private Ltd acquired a new position in Gates Industrial in the third quarter valued at about $1,216,000. Centaurus Financial Inc. bought a new stake in shares of Gates Industrial during the 3rd quarter worth approximately $140,000. Cerity Partners LLC boosted its position in shares of Gates Industrial by 15.1% during the 3rd quarter. Cerity Partners LLC now owns 176,382 shares of the company’s stock worth $3,096,000 after acquiring an additional 23,175 shares in the last quarter. Citigroup Inc. increased its stake in Gates Industrial by 38.4% in the third quarter. Citigroup Inc. now owns 245,335 shares of the company’s stock valued at $4,306,000 after acquiring an additional 68,130 shares during the last quarter. Finally, AlphaCore Capital LLC acquired a new position in Gates Industrial during the third quarter valued at approximately $179,000. Institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

GTES has been the topic of a number of research analyst reports. Morgan Stanley initiated coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price on the stock. Barclays upped their target price on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Evercore ISI raised 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. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Finally, KeyCorp lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.40.

Gates Industrial Stock Up 0.5 %

GTES stock opened at $22.28 on Tuesday. The company has a market capitalization of $5.68 billion, a price-to-earnings ratio of 26.84 and a beta of 1.38. 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 stock has a fifty day moving average of $19.42 and a 200-day moving average of $17.78. Gates Industrial Corp PLC has a fifty-two week low of $11.22 and a fifty-two week high of $22.48.

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.