MML Investors Services LLC Acquires 8,301 Shares of Gates Industrial Corp PLC (NYSE:GTES)

MML Investors Services LLC boosted its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 10.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 84,684 shares of the company’s stock after acquiring an additional 8,301 shares during the quarter. MML Investors Services LLC’s holdings in Gates Industrial were worth $1,486,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GTES. Wealth Enhancement Advisory Services LLC increased its stake in Gates Industrial by 44.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,842 shares of the company’s stock valued at $551,000 after acquiring an additional 10,776 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in Gates Industrial by 88.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 20,573 shares of the company’s stock valued at $325,000 after acquiring an additional 9,640 shares during the period. Raymond James & Associates increased its stake in Gates Industrial by 107.7% in the second quarter. Raymond James & Associates now owns 643,137 shares of the company’s stock valued at $10,168,000 after acquiring an additional 333,535 shares during the period. Hennion & Walsh Asset Management Inc. increased its stake in Gates Industrial by 24.1% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 34,281 shares of the company’s stock valued at $542,000 after acquiring an additional 6,667 shares during the period. Finally, Raymond James Trust N.A. bought a new stake in Gates Industrial in the second quarter valued at about $190,000. Institutional investors own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GTES shares. Royal Bank of Canada upped their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Jefferies Financial Group upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group upped their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Citigroup upped their price objective on shares of Gates Industrial from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and an average price target of $22.80.

Gates Industrial Price Performance

GTES opened at $20.83 on Thursday. Gates Industrial Corp PLC has a one year low of $12.40 and a one year high of $23.34. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The company’s 50 day simple moving average is $20.47 and its 200-day simple moving average is $18.15. The stock has a market capitalization of $5.31 billion, a P/E ratio of 25.10 and a beta of 1.38.

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.