Teachers Retirement System of The State of Kentucky Takes $1.38 Million Position in Gates Industrial Corp PLC (NYSE:GTES)

Teachers Retirement System of The State of Kentucky purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) in the 3rd quarter, Holdings Channel reports. The fund purchased 78,400 shares of the company’s stock, valued at approximately $1,376,000.

A number of other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in Gates Industrial by 44.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,842 shares of the company’s stock worth $551,000 after purchasing an additional 10,776 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in shares of Gates Industrial by 88.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 20,573 shares of the company’s stock worth $325,000 after buying an additional 9,640 shares during the period. Raymond James & Associates grew its holdings in Gates Industrial by 107.7% in the 2nd quarter. Raymond James & Associates now owns 643,137 shares of the company’s stock worth $10,168,000 after buying an additional 333,535 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in Gates Industrial by 24.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 34,281 shares of the company’s stock valued at $542,000 after acquiring an additional 6,667 shares during the period. Finally, Raymond James Trust N.A. bought a new stake in Gates Industrial during the 2nd quarter valued at $190,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Down 0.3 %

Shares of Gates Industrial stock opened at $21.81 on Wednesday. Gates Industrial Corp PLC has a 12-month low of $12.30 and a 12-month high of $23.34. The firm has a market capitalization of $5.55 billion, a PE ratio of 26.25 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. The stock’s fifty day moving average is $20.38 and its 200-day moving average is $18.11.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of research analyst reports. Morgan Stanley assumed coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target on the stock. Royal Bank of Canada raised their target price on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Jefferies Financial Group upped 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. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $21.00 to $25.00 in a research note on Thursday, December 5th. Finally, Citigroup upped their target price on Gates Industrial from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.80.

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.