Brandes Investment Partners LP Purchases 378,074 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Brandes Investment Partners LP raised its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 31.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,585,657 shares of the company's stock after buying an additional 378,074 shares during the period. Brandes Investment Partners LP owned about 0.60% of Gates Industrial worth $21,280,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC acquired a new stake in shares of Gates Industrial during the fourth quarter worth about $27,000. Gladius Capital Management LP purchased a new position in shares of Gates Industrial during the fourth quarter worth about $48,000. Covestor Ltd grew its holdings in shares of Gates Industrial by 42.8% during the third quarter. Covestor Ltd now owns 4,852 shares of the company's stock worth $57,000 after buying an additional 1,454 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Gates Industrial during the third quarter worth about $77,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in shares of Gates Industrial during the fourth quarter worth about $147,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GTES shares. Jefferies Financial Group started coverage on Gates Industrial in a report on Thursday, February 29th. They set a "buy" rating and a $21.00 price target on the stock. Evercore ISI raised their price target on Gates Industrial from $12.50 to $14.00 and gave the stock an "in-line" rating in a report on Tuesday, February 20th. Citigroup lifted their price objective on Gates Industrial from $17.00 to $20.00 and gave the company a "buy" rating in a report on Monday, April 8th. KeyCorp raised Gates Industrial from a "sector weight" rating to an "overweight" rating and set a $18.00 price objective on the stock in a report on Thursday, February 22nd. Finally, The Goldman Sachs Group lifted their price objective on Gates Industrial from $16.00 to $18.00 and gave the company a "neutral" rating in a report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Gates Industrial currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.88.

Gates Industrial Price Performance

Shares of NYSE:GTES traded up $0.11 during trading on Tuesday, hitting $17.84. 3,282,769 shares of the stock were exchanged, compared to its average volume of 2,882,015. The company has a fifty day moving average price of $17.28 and a two-hundred day moving average price of $14.57. The company has a market cap of $4.66 billion, a PE ratio of 19.60 and a beta of 1.54. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. Gates Industrial Corp PLC has a 12-month low of $10.68 and a 12-month high of $17.99.

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.