Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by Glenmede Trust Co. NA

Glenmede Trust Co. NA grew its stake in Gates Industrial Corp PLC (NYSE:GTES) by 17.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 53,001 shares of the company’s stock after acquiring an additional 8,049 shares during the quarter. Glenmede Trust Co. NA’s holdings in Gates Industrial were worth $930,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Fred Alger Management LLC lifted its holdings in Gates Industrial by 156.8% during the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after buying an additional 1,627,482 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Gates Industrial by 45.9% in the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after purchasing an additional 1,268,407 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Gates Industrial by 6,879.6% in the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock valued at $18,670,000 after acquiring an additional 1,048,596 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock valued at $188,477,000 after buying an additional 1,037,741 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in shares of Gates Industrial by 606.4% during the third quarter. New York State Common Retirement Fund now owns 948,825 shares of the company’s stock worth $16,652,000 after purchasing an additional 814,510 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

NYSE GTES opened at $22.28 on Tuesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. Gates Industrial Corp PLC has a fifty-two week low of $11.22 and a fifty-two week high of $22.48. The stock has a market cap of $5.68 billion, a PE ratio of 26.84 and a beta of 1.38. The firm’s fifty day moving average price is $19.42 and its two-hundred day moving average price is $17.78.

Analyst Ratings Changes

Several research analysts have weighed in on GTES shares. Evercore ISI upped their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Barclays raised their target price on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $20.00 to $22.00 in a research note on Monday, August 19th. KeyCorp upped their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Morgan Stanley began coverage on Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus 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.