104,736 Shares in Gates Industrial Corp PLC (NYSE:GTES) Acquired by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. bought a new stake in Gates Industrial Corp PLC (NYSE:GTES) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 104,736 shares of the company’s stock, valued at approximately $2,154,000.

Several other hedge funds have also bought and sold shares of the stock. Oliver Luxxe Assets LLC purchased a new stake in shares of Gates Industrial during the 4th quarter valued at $1,665,000. GAMMA Investing LLC increased its stake in Gates Industrial by 29.0% in the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after acquiring an additional 1,130 shares during the last quarter. Versant Capital Management Inc raised its position in Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after purchasing an additional 1,048,596 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Gates Industrial by 138.0% in the 3rd quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock worth $68,159,000 after purchasing an additional 2,220,277 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on GTES shares. Citigroup decreased their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Jefferies Financial Group lifted their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. KeyCorp upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. Finally, Royal Bank of Canada upped their price target on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” 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 data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Gates Industrial Price Performance

GTES stock opened at $20.52 on Thursday. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 24.72 and a beta of 1.38. The firm’s 50-day moving average price is $21.18 and its two-hundred day moving average price is $18.92. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 12-month low of $12.40 and a 12-month high of $23.34.

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.