UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires 268,484 Shares of Gates Industrial Corp PLC (NYSE:GTES)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 91.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 563,407 shares of the company’s stock after purchasing an additional 268,484 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.22% of Gates Industrial worth $9,888,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in GTES. Price T Rowe Associates Inc. MD increased its holdings in shares of Gates Industrial by 67.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 61,668 shares of the company’s stock worth $1,093,000 after buying an additional 24,946 shares during the period. CWM LLC boosted its stake in shares of Gates Industrial by 58.6% during the second quarter. CWM LLC now owns 39,407 shares of the company’s stock valued at $623,000 after purchasing an additional 14,555 shares during the period. SG Americas Securities LLC grew its holdings in shares of Gates Industrial by 602.9% in the second quarter. SG Americas Securities LLC now owns 66,419 shares of the company’s stock worth $1,050,000 after purchasing an additional 56,970 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Gates Industrial by 44.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,842 shares of the company’s stock worth $551,000 after buying an additional 10,776 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in Gates Industrial by 88.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 20,573 shares of the company’s stock valued at $325,000 after buying an additional 9,640 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.64 on Monday. The company’s fifty day moving average price is $19.82 and its 200-day moving average price is $17.92. The stock has a market cap of $5.77 billion, a PE ratio of 27.28 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 12 month low of $11.22 and a 12 month high of $23.34.

Analyst Ratings Changes

GTES has been the topic of a number of recent analyst reports. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $21.00 to $25.00 in a report on Thursday. Morgan Stanley assumed coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target on the stock. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. KeyCorp boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Finally, Jefferies Financial Group raised their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus target price of $21.30.

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.