Citigroup Inc. Acquires 68,130 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Citigroup Inc. raised its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 38.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 245,335 shares of the company’s stock after acquiring an additional 68,130 shares during the quarter. Citigroup Inc. owned approximately 0.10% of Gates Industrial worth $4,306,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of GTES. AlphaCore Capital LLC purchased a new stake in Gates Industrial during the 3rd quarter valued at $179,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Gates Industrial by 22.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,331,110 shares of the company’s stock valued at $40,911,000 after purchasing an additional 428,297 shares during the last quarter. Foundry Partners LLC bought a new position in shares of Gates Industrial during the 3rd quarter valued at about $4,247,000. Jennison Associates LLC boosted its holdings in shares of Gates Industrial by 45.9% during the 3rd 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 during the last quarter. Finally, Pathstone Holdings LLC boosted its holdings in shares of Gates Industrial by 39.2% during the 3rd quarter. Pathstone Holdings LLC now owns 81,708 shares of the company’s stock valued at $1,434,000 after purchasing an additional 23,005 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.40 on Wednesday. The firm has a market cap of $5.71 billion, a price-to-earnings ratio of 26.99 and a beta of 1.38. The company’s 50 day moving average is $19.51 and its 200 day moving average is $17.81. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 52-week low of $11.22 and a 52-week high of $22.53.

Analysts Set New Price Targets

Several analysts have issued reports on GTES shares. KeyCorp raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Evercore ISI lifted their price target 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. Morgan Stanley initiated coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Finally, Barclays lifted their price target on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.40.

Gates Industrial Company 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.