Citigroup Inc. Grows Stake in Gates Industrial Corp PLC (NYSE:GTES)

Citigroup Inc. increased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 38.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 245,335 shares of the company’s stock after buying an additional 68,130 shares during the quarter. Citigroup Inc.’s holdings in Gates Industrial were worth $4,306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in GTES. Venturi Wealth Management LLC lifted its position in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the period. Bank of Montreal Can raised its position in shares of Gates Industrial by 2.5% in the second quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after acquiring an additional 823 shares during the period. Covestor Ltd raised its position in shares of Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after acquiring an additional 1,001 shares during the period. Tectonic Advisors LLC raised its position in shares of Gates Industrial by 5.5% in the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock worth $353,000 after acquiring an additional 1,043 shares during the period. Finally, Fort L.P. raised its position in shares of Gates Industrial by 9.3% in the third quarter. Fort L.P. now owns 14,423 shares of the company’s stock worth $253,000 after acquiring an additional 1,222 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Price Performance

Gates Industrial stock opened at $22.40 on Wednesday. The firm has a market cap of $5.71 billion, a PE ratio of 26.99 and a beta of 1.38. Gates Industrial Corp PLC has a 52-week low of $11.22 and a 52-week high of $22.53. 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 company’s 50 day moving average is $19.51 and its two-hundred day moving average is $17.81.

Analysts Set New Price Targets

Several research firms recently weighed in on GTES. Evercore ISI upped their price target 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. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. KeyCorp upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Barclays upped their price target on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Morgan Stanley began coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.