Gates Industrial Corp PLC (NYSE:GTES) Shares Bought by State Street Corp

State Street Corp raised its stake in Gates Industrial Corp PLC (NYSE:GTES) by 112.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,523,366 shares of the company’s stock after purchasing an additional 3,459,450 shares during the quarter. State Street Corp owned 2.56% of Gates Industrial worth $114,485,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Venturi Wealth Management LLC grew its position in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after buying an additional 814 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Gates Industrial by 2.5% in the 2nd 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 boosted its holdings in shares of Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares in the last quarter. Tectonic Advisors LLC boosted its holdings 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 valued at $353,000 after acquiring an additional 1,043 shares in the last quarter. Finally, Fort L.P. increased its stake in shares of Gates Industrial by 9.3% during 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. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Ratings Changes

GTES has been the subject of a number of recent analyst reports. Jefferies Financial Group raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. KeyCorp lifted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. The Goldman Sachs Group increased their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday. Citigroup boosted their target price on shares of Gates Industrial from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Morgan Stanley began coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target for the company. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $22.80.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $21.99 on Monday. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of 26.49 and a beta of 1.38. The company’s 50-day moving average price is $20.30 and its 200 day moving average price is $18.08. Gates Industrial Corp PLC has a 52 week low of $12.03 and a 52 week high of $23.34.

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.