Oliver Luxxe Assets LLC Takes Position in Gates Industrial Corp PLC (NYSE:GTES)

Oliver Luxxe Assets LLC purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 80,964 shares of the company’s stock, valued at approximately $1,665,000.

Other large investors also recently bought and sold shares of the company. Kera Capital Partners Inc. acquired a new stake in shares of Gates Industrial in the 4th quarter worth $205,000. Park Avenue Securities LLC increased its position in Gates Industrial by 29.1% during the fourth quarter. Park Avenue Securities LLC now owns 49,939 shares of the company’s stock worth $1,027,000 after purchasing an additional 11,251 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Gates Industrial during the fourth quarter worth about $2,154,000. GAMMA Investing LLC boosted its holdings in Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after purchasing an additional 1,130 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after buying an additional 1,598 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of recent analyst reports. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $21.00 to $25.00 in a report on Thursday, December 5th. Jefferies Financial Group upped their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Royal Bank of Canada raised their price objective on Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, The Goldman Sachs Group increased their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

Gates Industrial Price Performance

Shares of GTES opened at $20.80 on Friday. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a fifty-two week low of $12.40 and a fifty-two week high of $23.34. The company has a market cap of $5.30 billion, a P/E ratio of 25.05 and a beta of 1.38. The firm’s 50 day moving average price is $21.18 and its 200 day moving average price is $18.94.

About Gates Industrial

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.