Quarry LP Buys New Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Quarry LP purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,074 shares of the company’s stock, valued at approximately $71,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of GTES. Headlands Technologies LLC lifted its holdings in shares of Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after acquiring an additional 1,320 shares during the period. Venturi Wealth Management LLC lifted its stake in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the period. Capital Performance Advisors LLP acquired a new stake in Gates Industrial during the third quarter valued at approximately $67,000. GAMMA Investing LLC boosted its holdings in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares in the last quarter. Finally, Covestor Ltd grew its stake in shares of Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after purchasing an additional 1,001 shares during the period. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

GTES has been the topic of several recent analyst reports. Evercore ISI boosted their price target on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $21.00 to $25.00 in a research report on Thursday. Morgan Stanley started coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. Finally, KeyCorp raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus target price of $21.30.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $22.64 on Monday. The firm has a 50 day simple moving average of $19.82 and a 200 day simple moving average of $17.92. Gates Industrial Corp PLC has a fifty-two week low of $11.22 and a fifty-two week 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 firm has a market cap of $5.77 billion, a P/E ratio of 27.28 and a beta of 1.38.

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.