New York State Common Retirement Fund Grows Position in Gates Industrial Corporation PLC $GTES

New York State Common Retirement Fund raised its holdings in Gates Industrial Corporation PLC (NYSE:GTES) by 33.4% in the third quarter, Holdings Channel.com reports. The fund owned 1,381,075 shares of the company’s stock after buying an additional 345,552 shares during the quarter. New York State Common Retirement Fund’s holdings in Gates Industrial were worth $34,278,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. True Wealth Design LLC increased its holdings in shares of Gates Industrial by 133.2% in the 3rd quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock valued at $29,000 after purchasing an additional 666 shares in the last quarter. Allworth Financial LP increased its holdings in Gates Industrial by 43.0% in the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after buying an additional 630 shares in the last quarter. SJS Investment Consulting Inc. lifted its position in shares of Gates Industrial by 5,123.7% during the 3rd quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after acquiring an additional 1,947 shares during the period. Quent Capital LLC acquired a new stake in shares of Gates Industrial during the 3rd quarter valued at approximately $51,000. Finally, Avanza Fonder AB boosted its stake in shares of Gates Industrial by 85.3% during the 3rd quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock worth $61,000 after acquiring an additional 1,124 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Gates Industrial

In related news, CFO Lawrence B. Mallard sold 22,188 shares of Gates Industrial stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the sale, the chief financial officer owned 177,627 shares in the company, valued at approximately $4,044,566.79. This trade represents a 11.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Wells Fargo & Company initiated coverage on Gates Industrial in a research note on Thursday, November 13th. They issued an “equal weight” rating and a $23.00 price objective for the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, December 29th. UBS Group dropped their price target on Gates Industrial from $29.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, January 5th. Citigroup reaffirmed a “buy” rating on shares of Gates Industrial in a research note on Monday, January 12th. Finally, JPMorgan Chase & Co. lowered their price objective 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. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and a consensus target price of $27.09.

Gates Industrial Stock Performance

Gates Industrial stock opened at $23.01 on Friday. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $26.46. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 25.29 and a beta of 1.24. The stock has a fifty day moving average of $22.33 and a two-hundred day moving average of $23.75. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.50 and a current ratio of 3.52.

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.