Legal & General Group Plc Boosts Holdings in Gates Industrial Corporation PLC $GTES

Legal & General Group Plc grew its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 5.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 655,571 shares of the company’s stock after buying an additional 34,681 shares during the period. Legal & General Group Plc’s holdings in Gates Industrial were worth $15,098,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of GTES. Fiduciary Management Inc. WI increased its stake in Gates Industrial by 0.6% in the first quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company’s stock valued at $133,774,000 after purchasing an additional 41,541 shares during the last quarter. American Century Companies Inc. boosted its holdings in Gates Industrial by 13.6% in the first quarter. American Century Companies Inc. now owns 6,200,432 shares of the company’s stock valued at $114,150,000 after acquiring an additional 743,468 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Gates Industrial by 2.9% in the second quarter. Geode Capital Management LLC now owns 3,963,993 shares of the company’s stock valued at $91,305,000 after acquiring an additional 110,393 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Gates Industrial by 9.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company’s stock worth $72,825,000 after purchasing an additional 346,250 shares during the period. Finally, Driehaus Capital Management LLC grew its stake 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 buying an additional 1,574,701 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Trading Up 1.4%

NYSE:GTES opened at $22.76 on Friday. The stock has a market cap of $5.88 billion, a PE ratio of 25.01 and a beta of 1.25. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.52 and a quick ratio of 2.50. The stock’s 50-day moving average is $23.85 and its two-hundred day moving average is $23.78. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $26.46.

Insider Activity at Gates Industrial

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total transaction of $505,220.76. Following the transaction, the chief financial officer directly owned 177,627 shares of the company’s stock, valued at $4,044,566.79. This represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

GTES has been the topic of a number of recent research reports. Wall Street Zen cut shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Friday. Zacks Research downgraded shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Wells Fargo & Company began coverage on shares of Gates Industrial in a research note on Thursday, November 13th. They set an “equal weight” rating and a $23.00 target price for the company. Royal Bank Of Canada decreased their target price on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Thursday, October 30th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Gates Industrial in a research report on Tuesday. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $27.17.

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.