Centaurus Financial Inc. Buys Shares of 8,000 Gates Industrial Corp PLC (NYSE:GTES)

Centaurus Financial Inc. purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 8,000 shares of the company’s stock, valued at approximately $140,000.

A number of other hedge funds have also recently modified their holdings of GTES. Allspring Global Investments Holdings LLC increased its stake in shares of Gates Industrial by 2.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Gates Industrial by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after purchasing an additional 1,037,741 shares in the last quarter. LSV Asset Management increased its stake in shares of Gates Industrial by 19.9% in the 2nd quarter. LSV Asset Management now owns 4,137,951 shares of the company’s stock worth $65,421,000 after purchasing an additional 686,080 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Gates Industrial by 45.9% in the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after purchasing an additional 1,268,407 shares in the last quarter. Finally, Fred Alger Management LLC increased its stake in shares of Gates Industrial by 156.8% in the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after purchasing an additional 1,627,482 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Down 0.4 %

Shares of NYSE:GTES opened at $22.12 on Friday. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 12 month low of $11.22 and a 12 month high of $22.43. The company has a 50-day moving average price of $19.16 and a 200 day moving average price of $17.66. The company has a market cap of $5.63 billion, a price-to-earnings ratio of 26.65 and a beta of 1.38.

Wall Street Analyst Weigh In

GTES has been the subject of several recent analyst reports. Evercore ISI upped their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Morgan Stanley initiated coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price for the company. Robert W. Baird dropped their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Barclays upped their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, KeyCorp upped their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.40.

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.