Y Intercept Hong Kong Ltd Makes New $408,000 Investment in Gates Industrial Corp PLC (NYSE:GTES)

Y Intercept Hong Kong Ltd purchased a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 23,258 shares of the company's stock, valued at approximately $408,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State Street Corp raised its stake in Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company's stock worth $114,485,000 after buying an additional 3,459,450 shares in the last quarter. Zimmer Partners LP raised its stake in Gates Industrial by 141.2% in the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company's stock worth $73,946,000 after buying an additional 2,466,543 shares in the last quarter. Fred Alger Management LLC raised its stake in Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock worth $42,144,000 after buying an additional 1,627,482 shares in the last quarter. Jennison Associates LLC raised its stake in Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock worth $70,763,000 after buying an additional 1,268,407 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Gates Industrial by 6,879.6% in the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock worth $18,670,000 after buying an additional 1,048,596 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Performance

NYSE:GTES traded down $0.07 during mid-day trading on Tuesday, hitting $21.81. The company's stock had a trading volume of 3,473,037 shares, compared to its average volume of 3,041,917. Gates Industrial Corp PLC has a 1 year low of $12.30 and a 1 year high of $23.34. 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 stock has a market cap of $5.55 billion, a price-to-earnings ratio of 26.25 and a beta of 1.38. The business's fifty day moving average is $20.38 and its two-hundred day moving average is $18.11.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GTES shares. Jefferies Financial Group upped their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. The Goldman Sachs Group upped their price target on Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, December 12th. Morgan Stanley started coverage on Gates Industrial in a research report on Friday, September 6th. They set an "equal weight" rating and a $19.00 price target on the stock. Citigroup upped their price target on Gates Industrial from $24.00 to $27.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. Finally, Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the company an "outperform" rating in a report on Thursday, December 12th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $22.80.

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.