Charles Schwab Investment Management Inc. Buys 428,297 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Charles Schwab Investment Management Inc. increased its stake in Gates Industrial Corp PLC (NYSE:GTES) by 22.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,331,110 shares of the company’s stock after acquiring an additional 428,297 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.92% of Gates Industrial worth $40,911,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Headlands Technologies LLC lifted its position in shares of Gates Industrial by 341.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after purchasing an additional 1,320 shares during the period. Venturi Wealth Management LLC raised its stake in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after buying an additional 814 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in Gates Industrial in the third quarter valued at $67,000. GAMMA Investing LLC boosted its position in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after acquiring an additional 2,998 shares during the last quarter. Finally, Covestor Ltd grew its holdings in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after acquiring an additional 1,001 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Price Performance

GTES stock opened at $22.28 on Tuesday. 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 business has a 50-day simple moving average of $19.42 and a two-hundred day simple moving average of $17.78. The company has a market capitalization of $5.68 billion, a P/E ratio of 26.84 and a beta of 1.38. Gates Industrial Corp PLC has a 52-week low of $11.22 and a 52-week high of $22.48.

Wall Street Analyst Weigh In

GTES has been the topic of a number of recent analyst reports. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Morgan Stanley initiated coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. Evercore ISI boosted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. KeyCorp raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Finally, Barclays upped their price objective on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.