HBK Investments L P Sells 150,000 Shares of Gates Industrial Corp PLC (NYSE:GTES)

HBK Investments L P lowered its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 25.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 450,000 shares of the company’s stock after selling 150,000 shares during the quarter. HBK Investments L P owned approximately 0.18% of Gates Industrial worth $7,898,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Hantz Financial Services Inc. lifted its position in Gates Industrial by 226.2% during the 3rd quarter. Hantz Financial Services Inc. now owns 55,973 shares of the company’s stock valued at $982,000 after purchasing an additional 38,816 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Gates Industrial by 91.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 563,407 shares of the company’s stock valued at $9,888,000 after acquiring an additional 268,484 shares during the last quarter. Public Sector Pension Investment Board bought a new position in shares of Gates Industrial in the 3rd quarter worth $8,420,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Gates Industrial by 15.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,197 shares of the company’s stock worth $735,000 after purchasing an additional 5,643 shares during the period. Finally, De Lisle Partners LLP lifted its stake in Gates Industrial by 32.3% in the third quarter. De Lisle Partners LLP now owns 106,388 shares of the company’s stock valued at $1,867,000 after buying an additional 26,000 shares during the period. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of GTES opened at $22.12 on Friday. The company has a market cap of $5.63 billion, a PE ratio of 26.65 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The firm has a 50-day moving average of $19.16 and a 200-day moving average of $17.66. Gates Industrial Corp PLC has a one year low of $11.22 and a one year high of $22.43.

Analysts Set New Price Targets

A number of analysts recently weighed in on GTES shares. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Morgan Stanley assumed coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price on the stock. KeyCorp increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Evercore ISI increased their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Finally, The Goldman Sachs Group increased their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.40.

Gates Industrial Company Profile

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.