Gates Industrial Corporation PLC $GTES Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in Gates Industrial Corporation PLC (NYSE:GTES) by 29.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,466,244 shares of the company’s stock after acquiring an additional 333,804 shares during the quarter. Principal Financial Group Inc. owned approximately 0.57% of Gates Industrial worth $36,392,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. True Wealth Design LLC grew its stake 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 during the last quarter. Allworth Financial LP lifted its holdings in shares of Gates Industrial by 43.0% during the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock worth $48,000 after purchasing an additional 630 shares during the period. SJS Investment Consulting Inc. grew its position in Gates Industrial by 5,123.7% in the 3rd quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after buying an additional 1,947 shares during the last quarter. Quent Capital LLC acquired a new position in Gates Industrial in the 3rd quarter valued at $51,000. Finally, Avanza Fonder AB raised its position in 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 buying an additional 1,124 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. UBS Group lowered their target price on shares of Gates Industrial from $29.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, January 5th. Wall Street Zen downgraded shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. Citigroup reiterated a “buy” rating on shares of Gates Industrial in a research report on Monday, January 12th. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research note on Monday, December 29th. Finally, Royal Bank Of Canada decreased their price target on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Thursday, October 30th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.09.

Gates Industrial Stock Down 0.1%

GTES opened at $25.65 on Friday. 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 company has a market cap of $6.62 billion, a price-to-earnings ratio of 28.18 and a beta of 1.27. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $26.46. The business’s fifty day moving average is $22.51 and its two-hundred day moving average is $23.75.

Insider Buying and Selling

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total value of $505,220.76. Following the sale, the chief financial officer owned 177,627 shares of the company’s stock, valued at $4,044,566.79. This represents a 11.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.70% of the company’s stock.

About Gates Industrial

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.