AlphaCrest Capital Management LLC Grows Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Posted by on Mar 8th, 2023

AlphaCrest Capital Management LLC lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES – Get Rating) by 26.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 68,636 shares of the company’s stock after buying an additional 14,488 shares during the quarter. AlphaCrest Capital Management LLC’s holdings in Gates Industrial were worth $670,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in Gates Industrial by 1.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,878,748 shares of the company’s stock worth $52,739,000 after buying an additional 53,861 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in Gates Industrial by 0.3% in the third quarter. Diamond Hill Capital Management Inc. now owns 4,742,769 shares of the company’s stock valued at $46,289,000 after purchasing an additional 13,846 shares during the period. Dimensional Fund Advisors LP grew its holdings in Gates Industrial by 24.1% in the third quarter. Dimensional Fund Advisors LP now owns 4,394,886 shares of the company’s stock valued at $42,896,000 after purchasing an additional 852,112 shares during the period. Invesco Ltd. increased its position in Gates Industrial by 32.5% during the first quarter. Invesco Ltd. now owns 2,759,090 shares of the company’s stock worth $41,552,000 after purchasing an additional 677,379 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Gates Industrial by 71.3% during the second quarter. AQR Capital Management LLC now owns 1,923,264 shares of the company’s stock worth $20,271,000 after purchasing an additional 800,524 shares during the period.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GTES. Citigroup boosted their price objective on shares of Gates Industrial from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 10th. The Goldman Sachs Group upped their price target on Gates Industrial from $13.50 to $15.50 and gave the stock a “buy” rating in a research note on Friday, February 10th. Morgan Stanley lifted their price objective on Gates Industrial from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 10th. Royal Bank of Canada increased their target price on shares of Gates Industrial from $12.00 to $14.00 and gave the stock a “sector perform” rating in a research report on Friday, February 10th. Finally, TheStreet raised shares of Gates Industrial from a “c” rating to a “b” rating in a research report on Thursday, February 9th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Gates Industrial currently has a consensus rating of “Hold” and an average price target of $15.00.

Gates Industrial Trading Down 0.4 %

GTES opened at $14.11 on Wednesday. The firm’s 50 day moving average is $13.08 and its 200-day moving average is $11.71. Gates Industrial Corp PLC has a 52-week low of $9.40 and a 52-week high of $16.44. The company has a quick ratio of 2.15, a current ratio of 3.03 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $3.98 billion, a P/E ratio of 18.32 and a beta of 1.53.

About Gates Industrial

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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.

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Institutional Ownership by Quarter for Gates Industrial (NYSE:GTES)

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