Gates Industrial Corp PLC (NYSE:GTES) Holdings Cut by Point72 Asset Management L.P.

Point72 Asset Management L.P. decreased its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 53.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 684,798 shares of the company's stock after selling 778,871 shares during the period. Point72 Asset Management L.P. owned approximately 0.27% of Gates Industrial worth $12,018,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTES. GAMMA Investing LLC increased its position in shares of Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock worth $68,000 after acquiring an additional 2,998 shares during the last quarter. Mutual of America Capital Management LLC acquired a new stake in shares of Gates Industrial during the third quarter worth approximately $597,000. Foundry Partners LLC bought a new stake in shares of Gates Industrial in the third quarter worth $4,247,000. Jennison Associates LLC lifted its position in shares of Gates Industrial by 45.9% during the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock worth $70,763,000 after purchasing an additional 1,268,407 shares during the last quarter. Finally, Verition Fund Management LLC grew its stake in Gates Industrial by 322.7% in the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company's stock worth $6,660,000 after purchasing an additional 289,722 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. KeyCorp raised their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday, November 21st. Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $20.00 to $22.00 in a report on Monday, August 19th. Evercore ISI raised their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research note on Monday, August 19th. Barclays raised Gates Industrial from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $21.00 to $25.00 in a report on Thursday. Finally, Jefferies Financial Group raised their price target on Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Gates Industrial presently has a consensus rating of "Moderate Buy" and a consensus price target of $21.30.

Gates Industrial Trading Down 1.3 %

Shares of NYSE GTES traded down $0.29 during mid-day trading on Friday, hitting $22.64. 2,228,481 shares of the company traded hands, compared to its average volume of 2,553,531. Gates Industrial Corp PLC has a 1 year low of $11.22 and a 1 year high of $23.34. The business has a 50 day moving average of $19.82 and a two-hundred day moving average of $17.92. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $5.77 billion, a price-to-earnings ratio of 27.28 and a beta of 1.38.

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.