Orion Portfolio Solutions LLC Lowers Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Orion Portfolio Solutions LLC cut its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 4.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 108,761 shares of the company’s stock after selling 4,846 shares during the period. Orion Portfolio Solutions LLC’s holdings in Gates Industrial were worth $1,909,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTES. Allspring Global Investments Holdings LLC raised its stake in shares of Gates Industrial by 2.1% in 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 during the period. FMR LLC lifted its stake in Gates Industrial by 4.5% during the third quarter. FMR LLC now owns 13,059,271 shares of the company’s stock worth $229,190,000 after purchasing an additional 562,643 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Gates Industrial by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock valued at $188,477,000 after purchasing an additional 1,037,741 shares during the last quarter. State Street Corp raised its holdings in shares of Gates Industrial by 112.9% during 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 during the last quarter. Finally, Zimmer Partners LP raised its position in shares of Gates Industrial by 141.2% during 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 in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Trading Down 0.3 %

NYSE GTES opened at $22.15 on Friday. The firm has a market capitalization of $5.64 billion, a P/E ratio of 26.68 and a beta of 1.38. 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 business has a fifty day simple moving average of $20.21 and a 200 day simple moving average of $18.04. Gates Industrial Corp PLC has a 12 month low of $11.91 and a 12 month high of $23.34.

Analysts Set New Price Targets

GTES has been the subject of several recent analyst reports. Citigroup raised their target price on Gates Industrial from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday. Evercore ISI upped 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. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. KeyCorp upped their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Finally, Morgan Stanley began coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.80.

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.