Principal Financial Group Inc. Raises Stock Holdings in Gates Industrial Corporation PLC $GTES

Principal Financial Group Inc. lifted its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 29.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,466,244 shares of the company’s stock after acquiring an additional 333,804 shares during the period. Principal Financial Group Inc.’s holdings in Gates Industrial were worth $36,392,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. True Wealth Design LLC boosted its position in Gates Industrial by 133.2% during the third quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock worth $29,000 after acquiring an additional 666 shares during the last quarter. Allworth Financial LP grew its position in shares of 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 purchasing an additional 630 shares during the period. SJS Investment Consulting Inc. increased its stake in Gates Industrial by 5,123.7% in the third quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after purchasing an additional 1,947 shares during the last quarter. Quent Capital LLC purchased a new position in Gates Industrial during the third quarter worth about $51,000. Finally, Avanza Fonder AB boosted its stake in Gates Industrial by 85.3% in 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. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on GTES shares. Wall Street Zen downgraded shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 10th. Citigroup reaffirmed a “buy” rating on shares of Gates Industrial in a research report on Monday, January 12th. Zacks Research downgraded shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. UBS Group decreased their price target 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. Finally, JPMorgan Chase & Co. dropped their price objective on Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, December 16th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and an average target price of $27.09.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total value of $505,220.76. Following the completion of the transaction, the chief financial officer owned 177,627 shares in the company, valued at $4,044,566.79. This represents a 11.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.70% of the stock is owned by insiders.

Gates Industrial Stock Performance

Shares of GTES stock opened at $25.65 on Friday. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. The company has a market cap of $6.62 billion, a PE ratio of 28.18 and a beta of 1.27. The company’s fifty day simple moving average is $22.51 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.

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.