Geode Capital Management LLC Has $60.76 Million Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Geode Capital Management LLC grew its position in Gates Industrial Corp PLC (NYSE:GTES) by 16.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,460,855 shares of the company’s stock after purchasing an additional 476,962 shares during the period. Geode Capital Management LLC’s holdings in Gates Industrial were worth $60,755,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GTES. Allspring Global Investments Holdings LLC increased its holdings in Gates Industrial by 2.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after buying an additional 303,353 shares during the last quarter. FMR LLC raised its holdings in shares of Gates Industrial by 4.5% during the 3rd quarter. FMR LLC now owns 13,059,271 shares of the company’s stock valued at $229,190,000 after purchasing an additional 562,643 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Gates Industrial by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock valued at $188,477,000 after purchasing an additional 1,037,741 shares during the last quarter. State Street Corp boosted its holdings in Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after purchasing an additional 3,459,450 shares in the last quarter. Finally, Zimmer Partners LP increased its position in Gates Industrial by 141.2% during the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after buying an additional 2,466,543 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Citigroup upped their price target on Gates Industrial from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Royal Bank of Canada increased their price target on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Morgan Stanley started coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. KeyCorp raised their target price on shares of 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 boosted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.80.

Gates Industrial Stock Up 0.7 %

GTES stock opened at $20.38 on Friday. Gates Industrial Corp PLC has a twelve month low of $12.40 and a twelve month high of $23.34. 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 has a market cap of $5.19 billion, a PE ratio of 24.55 and a beta of 1.38. The business’s 50-day simple moving average is $20.65 and its 200 day simple moving average is $18.20.

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.