Quantinno Capital Management LP Acquires 35,547 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Quantinno Capital Management LP lifted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 21.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 202,264 shares of the company’s stock after purchasing an additional 35,547 shares during the period. Quantinno Capital Management LP’s holdings in Gates Industrial were worth $3,550,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Fred Alger Management LLC increased its holdings in Gates Industrial by 156.8% during the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after purchasing an additional 1,627,482 shares in the last quarter. Jennison Associates LLC grew its holdings in Gates Industrial by 45.9% during 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 in the last quarter. Principal Financial Group Inc. grew its holdings 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 buying an additional 1,048,596 shares in the last quarter. Dimensional Fund Advisors LP raised its position 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 buying an additional 1,037,741 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its stake in Gates Industrial by 606.4% during the 3rd quarter. New York State Common Retirement Fund now owns 948,825 shares of the company’s stock valued at $16,652,000 after acquiring an additional 814,510 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Price Performance

Gates Industrial stock opened at $22.64 on Monday. The business’s 50 day simple moving average is $19.82 and its 200 day simple moving average is $17.92. Gates Industrial Corp PLC has a 12 month low of $11.22 and a 12 month high of $23.34. The company has a market cap of $5.77 billion, a price-to-earnings ratio of 27.28 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Analyst Ratings Changes

Several research firms have recently issued reports on GTES. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Jefferies Financial Group upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday. Morgan Stanley began coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price on the stock. KeyCorp upped their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Finally, Evercore ISI lifted their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $21.30.

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.