Jennison Associates LLC Grows Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Jennison Associates LLC increased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 31.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,300,805 shares of the company’s stock after purchasing an additional 1,268,716 shares during the quarter. Jennison Associates LLC’s holdings in Gates Industrial were worth $109,038,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in GTES. GAMMA Investing LLC raised its position in shares of Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after buying an additional 2,998 shares during the last quarter. Mutual of America Capital Management LLC purchased a new position in Gates Industrial in the 3rd quarter worth approximately $597,000. Foundry Partners LLC acquired a new position in shares of Gates Industrial during the 3rd quarter worth approximately $4,247,000. Verition Fund Management LLC grew its position in shares of Gates Industrial by 322.7% in the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock valued at $6,660,000 after purchasing an additional 289,722 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Gates Industrial by 20.1% in the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company’s stock valued at $19,154,000 after purchasing an additional 182,307 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on GTES. Citigroup lowered their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. 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 report on Thursday, November 21st. Barclays raised 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 note on Thursday, December 5th. Jefferies Financial Group increased their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Gates Industrial Trading Down 2.2 %

GTES opened at $20.24 on Tuesday. Gates Industrial Corp PLC has a 52 week low of $12.40 and a 52 week high of $23.34. 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 business has a fifty day simple moving average of $21.05 and a 200-day simple moving average of $19.18. The firm has a market cap of $5.15 billion, a P/E ratio of 24.38 and a beta of 1.37.

Gates Industrial 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.