Gates Industrial Corporation PLC $GTES Stock Position Boosted by Voya Investment Management LLC

Voya Investment Management LLC grew its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 751.7% during the third quarter, Holdings Channel reports. The institutional investor owned 1,137,088 shares of the company’s stock after acquiring an additional 1,003,580 shares during the period. Voya Investment Management LLC’s holdings in Gates Industrial were worth $28,223,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Russell Investments Group Ltd. raised its holdings in Gates Industrial by 206.8% during the first quarter. Russell Investments Group Ltd. now owns 83,898 shares of the company’s stock worth $1,545,000 after purchasing an additional 56,548 shares in the last quarter. Northern Trust Corp increased its position in shares of Gates Industrial by 2.9% during the 1st quarter. Northern Trust Corp now owns 1,528,939 shares of the company’s stock valued at $28,148,000 after purchasing an additional 43,216 shares during the period. Quantbot Technologies LP bought a new stake in shares of Gates Industrial in the 1st quarter worth $683,000. SVB Wealth LLC acquired a new stake in shares of Gates Industrial in the first quarter valued at $34,000. Finally, Oliver Luxxe Assets LLC boosted its stake in Gates Industrial by 25.1% during the first quarter. Oliver Luxxe Assets LLC now owns 101,299 shares of the company’s stock valued at $1,865,000 after buying an additional 20,335 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GTES. UBS Group cut their price target on shares of Gates Industrial from $30.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Wall Street Zen raised shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a research note on Saturday. JPMorgan Chase & Co. decreased their price target on shares of Gates Industrial from $33.00 to $32.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 16th. Citigroup dropped their price target on Gates Industrial from $31.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Finally, Wells Fargo & Company started coverage on Gates Industrial in a report on Thursday, November 13th. They issued an “equal weight” rating and a $23.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and a consensus price target of $27.18.

Insider Activity at Gates Industrial

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

Gates Industrial Trading Up 0.9%

Gates Industrial stock opened at $21.63 on Monday. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $26.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.50 and a current ratio of 3.52. The firm has a market capitalization of $5.59 billion, a price-to-earnings ratio of 23.77 and a beta of 1.22. The company has a 50 day moving average price of $22.88 and a 200 day moving average price of $23.84.

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.