Oliver Luxxe Assets LLC Purchases New Position in Gates Industrial Corp PLC (NYSE:GTES)

Oliver Luxxe Assets LLC acquired a new position in Gates Industrial Corp PLC (NYSE:GTES) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 80,964 shares of the company’s stock, valued at approximately $1,665,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTES. State Street Corp increased its position in shares of Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after buying an additional 3,459,450 shares in the last quarter. Zimmer Partners LP boosted its holdings in Gates Industrial by 141.2% in the 3rd 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. Franklin Resources Inc. increased its stake in Gates Industrial by 138.0% during the 3rd quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock worth $68,159,000 after buying an additional 2,220,277 shares in the last quarter. Fred Alger Management LLC raised its holdings in shares of Gates Industrial by 156.8% during the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock valued at $42,144,000 after acquiring an additional 1,627,482 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after acquiring an additional 1,268,407 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Trading Up 0.3 %

Shares of Gates Industrial stock traded up $0.07 during mid-day trading on Monday, hitting $20.83. The stock had a trading volume of 1,295,783 shares, compared to its average volume of 1,639,016. The firm has a market cap of $5.31 billion, a P/E ratio of 25.10 and a beta of 1.38. 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 firm has a 50-day moving average of $21.12 and a two-hundred day moving average of $18.53. Gates Industrial Corp PLC has a 12-month low of $12.40 and a 12-month high of $23.34.

Wall Street Analysts Forecast Growth

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

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.