Verition Fund Management LLC lifted its position in Gates Industrial Corp PLC (NYSE:GTES – Free Report) by 322.7% in the third quarter, HoldingsChannel.com reports. The firm owned 379,509 shares of the company’s stock after purchasing an additional 289,722 shares during the quarter. Verition Fund Management LLC’s holdings in Gates Industrial were worth $6,660,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Park Avenue Securities LLC lifted its holdings in Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock worth $1,043,000 after purchasing an additional 41,762 shares in the last quarter. First Hawaiian Bank bought a new stake in shares of Gates Industrial during the second quarter valued at approximately $520,000. GAMMA Investing LLC lifted its holdings in shares of Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after buying an additional 2,998 shares in the last quarter. Mutual of America Capital Management LLC purchased a new position in Gates Industrial during the third quarter valued at $597,000. Finally, Foundry Partners LLC bought a new stake in Gates Industrial in the 3rd quarter valued at $4,247,000. 98.50% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have commented on GTES shares. Evercore ISI increased their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Morgan Stanley started coverage on Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Barclays lifted their price objective on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. KeyCorp increased their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.40.
Gates Industrial Price Performance
Gates Industrial stock opened at $22.16 on Monday. Gates Industrial Corp PLC has a 12-month low of $11.22 and a 12-month high of $22.43. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm has a 50-day moving average price of $19.33 and a 200-day moving average price of $17.74. The firm has a market capitalization of $5.64 billion, a PE ratio of 26.70 and a beta of 1.38.
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.
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