Weiss Asset Management LP Invests $236,000 in Gates Industrial Corp PLC (NYSE:GTES)

Weiss Asset Management LP bought a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) during the third quarter, Holdings Channel.com reports. The fund bought 13,447 shares of the company’s stock, valued at approximately $236,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its position in Gates Industrial by 2.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock valued at $262,011,000 after acquiring an additional 303,353 shares in the last quarter. FMR LLC boosted its position in shares of Gates Industrial by 4.5% during the third 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 grew its stake in Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after purchasing an additional 1,037,741 shares during the period. State Street Corp raised 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, LSV Asset Management raised its holdings in Gates Industrial by 19.9% in the second quarter. LSV Asset Management now owns 4,137,951 shares of the company’s stock worth $65,421,000 after purchasing an additional 686,080 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

NYSE GTES opened at $22.37 on Tuesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The stock has a 50-day moving average of $19.91 and a 200 day moving average of $17.95. Gates Industrial Corp PLC has a one year low of $11.65 and a one year high of $23.34. The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of 26.95 and a beta of 1.38.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GTES. Citigroup upped 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. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $21.00 to $25.00 in a research note on Thursday, December 5th. KeyCorp lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Jefferies Financial Group upped 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. Finally, Morgan Stanley began coverage on Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price on the stock. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

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.