JPMorgan Chase & Co. Cuts Stake in Gates Industrial Corp PLC (NYSE:GTES)

JPMorgan Chase & Co. cut its stake in Gates Industrial Corp PLC (NYSE:GTES) by 56.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 261,761 shares of the company’s stock after selling 333,302 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.10% of Gates Industrial worth $4,594,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its holdings in shares of Gates Industrial by 2.1% during the third 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 last quarter. FMR LLC increased its position in shares of 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 in the last quarter. Dimensional Fund Advisors LP raised its stake in Gates Industrial by 9.5% in the 2nd 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 lifted its holdings in Gates Industrial by 112.9% in the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after purchasing an additional 3,459,450 shares in the last quarter. Finally, Zimmer Partners LP boosted its stake in 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 purchasing an additional 2,466,543 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $20.49 on Friday. The business’s fifty day simple moving average is $21.20 and its 200-day simple moving average is $18.80. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The firm has a market cap of $5.22 billion, a PE ratio of 24.68 and a beta of 1.38. Gates Industrial Corp PLC has a 52 week low of $12.40 and a 52 week high of $23.34.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group increased their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. KeyCorp increased their price objective 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. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Citigroup cut their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Finally, Royal Bank of Canada boosted their price objective on Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $22.50.

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.