Mitsubishi UFJ Trust & Banking Corp Grows Stake in Gates Industrial Corporation PLC $GTES

Mitsubishi UFJ Trust & Banking Corp increased its position in Gates Industrial Corporation PLC (NYSE:GTES) by 207.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 60,917 shares of the company’s stock after acquiring an additional 41,114 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Gates Industrial were worth $1,512,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of Gates Industrial by 1.0% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 52,700 shares of the company’s stock valued at $1,308,000 after purchasing an additional 500 shares during the period. Tectonic Advisors LLC boosted its holdings in shares of Gates Industrial by 2.4% in the third quarter. Tectonic Advisors LLC now owns 24,762 shares of the company’s stock worth $615,000 after buying an additional 572 shares during the last quarter. Allworth Financial LP grew its position in Gates Industrial by 43.0% during 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 during the period. Highland Capital Management LLC grew its position in Gates Industrial by 1.2% during the third quarter. Highland Capital Management LLC now owns 52,900 shares of the company’s stock valued at $1,313,000 after buying an additional 650 shares during the period. Finally, True Wealth Design LLC increased its holdings in Gates Industrial by 133.2% during the third quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock valued at $29,000 after buying an additional 666 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $23.01 on Friday. 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 company has a quick ratio of 2.50, a current ratio of 3.52 and a debt-to-equity ratio of 0.61. The stock’s 50-day simple moving average is $22.33 and its 200-day simple moving average is $23.75. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $26.46.

Insider Activity

In other 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 value of $505,220.76. Following the sale, the chief financial officer directly owned 177,627 shares of the company’s stock, 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GTES. Royal Bank Of Canada dropped their price target on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Thursday, October 30th. Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. UBS Group reduced 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. cut their price objective on Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company 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 stock. According to data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.09.

Gates Industrial Company 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.