Weiss Asset Management LP Acquires New Stake in Gates Industrial Corp PLC (NYSE:GTES)

Weiss Asset Management LP bought a new position in Gates Industrial Corp PLC (NYSE:GTES) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 13,447 shares of the company’s stock, valued at approximately $236,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. CWM LLC increased its holdings in shares of Gates Industrial by 58.6% in the 2nd quarter. CWM LLC now owns 39,407 shares of the company’s stock worth $623,000 after buying an additional 14,555 shares during the last quarter. SG Americas Securities LLC increased its stake in Gates Industrial by 602.9% in the second quarter. SG Americas Securities LLC now owns 66,419 shares of the company’s stock valued at $1,050,000 after acquiring an additional 56,970 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Gates Industrial by 44.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,842 shares of the company’s stock valued at $551,000 after purchasing an additional 10,776 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Gates Industrial by 88.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 20,573 shares of the company’s stock worth $325,000 after purchasing an additional 9,640 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its holdings in shares of Gates Industrial by 1.8% in the 2nd quarter. Wedge Capital Management L L P NC now owns 158,449 shares of the company’s stock worth $2,505,000 after purchasing an additional 2,851 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Down 1.2 %

Shares of NYSE:GTES opened at $22.37 on Tuesday. The stock’s 50-day moving average is $19.91 and its 200 day moving average is $17.95. The company has a market cap of $5.70 billion, a PE ratio of 26.95 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. Gates Industrial Corp PLC has a 1 year low of $11.65 and a 1 year high of $23.34.

Analyst Ratings Changes

A number of analysts recently weighed in on GTES shares. Evercore ISI boosted their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. KeyCorp increased 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. Morgan Stanley initiated coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target for the company. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Finally, Jefferies Financial Group boosted their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Gates Industrial presently has an average rating of “Moderate Buy” and an average target price of $22.00.

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.