Park Avenue Securities LLC Boosts Stake in Gates Industrial Corp PLC (NYSE:GTES)

Park Avenue Securities LLC raised its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 29.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,939 shares of the company’s stock after acquiring an additional 11,251 shares during the period. Park Avenue Securities LLC’s holdings in Gates Industrial were worth $1,027,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in GTES. State Street Corp boosted its position in shares of Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after buying an additional 3,459,450 shares during the period. Zimmer Partners LP boosted its position in shares of Gates Industrial by 141.2% in the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after buying an additional 2,466,543 shares during the period. Franklin Resources Inc. boosted its position in shares of Gates Industrial by 138.0% in the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock worth $68,159,000 after buying an additional 2,220,277 shares during the period. Fred Alger Management LLC boosted its position in shares of Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after buying an additional 1,627,482 shares during the period. Finally, Jennison Associates LLC boosted its position in shares of Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after buying an additional 1,268,407 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada upped their target price on Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Jefferies Financial Group increased their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. The Goldman Sachs Group increased their price target on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. Barclays raised Gates Industrial from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $21.00 to $25.00 in a report on Thursday, December 5th. Finally, KeyCorp increased their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Gates Industrial Trading Up 0.9 %

Shares of NYSE GTES opened at $20.49 on Tuesday. The stock’s 50 day moving average price is $21.18 and its two-hundred day moving average price is $18.87. Gates Industrial Corp PLC has a 52-week low of $12.40 and a 52-week high of $23.34. The stock has a market capitalization of $5.22 billion, a P/E ratio of 24.68 and a beta of 1.38. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.

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.