Wed Sep 25 07:58:46 UTC 2024: ## State of New Jersey Pension Fund Invests in Gates Industrial Corp.

**New York, NY (September 25, 2024) -** The State of New Jersey Common Pension Fund D has made a new investment in Gates Industrial Corp PLC (NYSE:GTES), according to HoldingsChannel. The fund purchased 107,568 shares of the company’s stock, valued at approximately $1,701,000 in the second quarter.

This move follows a trend of increased institutional interest in Gates Industrial. Several other institutional investors have also adjusted their holdings in the company recently. Vanguard Group Inc. increased its stake by 17.5% in the first quarter, now owning 18,008,743 shares valued at $318,935,000. Allspring Global Investments Holdings LLC also raised its stake by 19.9% during the first quarter, bringing their total ownership to 14,750,718 shares worth $261,235,000.

Furthermore, Norges Bank acquired a new position in Gates Industrial in the fourth quarter valued at $23,054,000, while Fiduciary Management Inc. WI grew its stake by 31.6% in the fourth quarter, now owning 7,031,944 shares valued at $94,369,000. Confluence Investment Management LLC also purchased a new stake in the company during the first quarter, valued at $28,390,000.

These investments highlight the growing confidence in Gates Industrial’s future prospects. The company, which designs and manufactures power transmission equipment, serves various industries ranging from agriculture and construction to consumer applications like printers and vacuum cleaners.

Gates Industrial’s stock opened at $17.60 on Wednesday, with a 12-month low of $10.68 and a 12-month high of $19.07. The company has a market cap of $4.60 billion, a price-to-earnings ratio of 19.34, and a beta of 1.41.

The company recently announced a $250 million share repurchase program, indicating its board’s belief in the stock’s undervaluation. In addition, Director Wilson S. Neely bought 11,952 shares of the company’s stock at an average price of $16.80 per share, for a total value of $200,793.60.

Analysts have varying opinions on Gates Industrial’s future performance. While some brokerages have cut their price targets, others have raised them. Overall, the consensus rating for Gates Industrial is “Moderate Buy” with a consensus price target of $19.40.

This increased investor activity suggests that Gates Industrial is well-positioned for continued growth in the future.

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