Public Sector Pension Investment Board Makes New $8.42 Million Investment in Gates Industrial Corp PLC (NYSE:GTES)

Public Sector Pension Investment Board bought a new stake in Gates Industrial Corp PLC (NYSE:GTES) in the 3rd quarter, Holdings Channel.com reports. The fund bought 479,770 shares of the company’s stock, valued at approximately $8,420,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in GTES. Price T Rowe Associates Inc. MD boosted its holdings in Gates Industrial by 67.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 61,668 shares of the company’s stock valued at $1,093,000 after acquiring an additional 24,946 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Gates Industrial by 33.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 65,879 shares of the company’s stock valued at $1,167,000 after purchasing an additional 16,398 shares during the period. California State Teachers Retirement System boosted its stake in shares of Gates Industrial by 15.8% in the 1st quarter. California State Teachers Retirement System now owns 171,137 shares of the company’s stock valued at $3,031,000 after purchasing an additional 23,291 shares during the last quarter. Tidal Investments LLC grew its position in shares of Gates Industrial by 11.3% during the 1st quarter. Tidal Investments LLC now owns 53,384 shares of the company’s stock worth $945,000 after buying an additional 5,402 shares during the period. Finally, First Hawaiian Bank bought a new stake in shares of Gates Industrial during the second quarter worth approximately $520,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Trading Up 0.1 %

NYSE:GTES opened at $22.15 on Friday. 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 business’s 50-day simple moving average is $19.24 and its 200-day simple moving average is $17.69. Gates Industrial Corp PLC has a fifty-two week low of $11.22 and a fifty-two week high of $22.43. The stock has a market capitalization of $5.64 billion, a PE ratio of 26.68 and a beta of 1.38.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GTES shares. Evercore ISI raised their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. KeyCorp lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Morgan Stanley initiated 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. Barclays boosted their target price on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.40.

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.