Oliver Luxxe Assets LLC Buys Shares of 80,964 Gates Industrial Corp PLC (NYSE:GTES)

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

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its stake in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after buying an additional 2,998 shares in the last quarter. Mutual of America Capital Management LLC bought a new position in shares of Gates Industrial in the 3rd quarter worth $597,000. Foundry Partners LLC bought a new position in shares of Gates Industrial in the 3rd quarter worth $4,247,000. Verition Fund Management LLC lifted its stake in shares of Gates Industrial by 322.7% during the 3rd quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock worth $6,660,000 after purchasing an additional 289,722 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in Gates Industrial by 45.9% during the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after purchasing an additional 1,268,407 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Performance

Shares of NYSE GTES 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 PE ratio of 25.10 and a beta of 1.38. 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 company 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 twelve month low of $12.40 and a twelve month high of $23.34.

Analyst Ratings Changes

A number of brokerages have commented on GTES. Jefferies Financial Group boosted 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. Citigroup raised their target price on shares of Gates Industrial from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. KeyCorp increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Finally, The Goldman Sachs Group raised their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.