Exchange Traded Concepts LLC Acquires New Holdings in Gates Industrial Corporation PLC $GTES

Exchange Traded Concepts LLC bought a new position in Gates Industrial Corporation PLC (NYSE:GTES) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 180,165 shares of the company’s stock, valued at approximately $4,472,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Gates Industrial in the 2nd quarter valued at $80,713,000. Driehaus Capital Management LLC lifted its holdings in Gates Industrial by 4,976.3% during the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company’s stock worth $29,573,000 after acquiring an additional 1,574,701 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in Gates Industrial in the second quarter valued at about $32,255,000. Voya Investment Management LLC grew its stake in Gates Industrial by 751.7% in the third quarter. Voya Investment Management LLC now owns 1,137,088 shares of the company’s stock valued at $28,223,000 after acquiring an additional 1,003,580 shares during the period. Finally, Shellback Capital LP bought a new stake in shares of Gates Industrial in the first quarter worth about $16,906,000. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.02 on Thursday. Gates Industrial Corporation PLC has a 12 month low of $14.70 and a 12 month high of $26.46. The company’s fifty day simple moving average is $22.69 and its 200-day simple moving average is $23.84. The firm has a market cap of $5.69 billion, a PE ratio of 24.20 and a beta of 1.22. The company has a quick ratio of 2.50, a current ratio of 3.52 and a debt-to-equity ratio of 0.61.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GTES shares. Citigroup cut their price objective on Gates Industrial from $31.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Weiss Ratings restated a “hold (c+)” rating on shares of Gates Industrial in a report on Monday. JPMorgan Chase & Co. cut their price target on shares of Gates Industrial from $33.00 to $32.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 16th. Royal Bank Of Canada lowered their price objective on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, October 30th. Finally, Zacks Research lowered shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.18.

Insider Transactions at Gates Industrial

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total transaction of $505,220.76. Following the sale, the chief financial officer directly owned 177,627 shares of the company’s stock, valued at $4,044,566.79. The trade was a 11.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.70% of the company’s stock.

Gates Industrial Profile

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.