Two Sigma Advisers LP Sells 585,400 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Two Sigma Advisers LP cut its holdings in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 23.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,960,700 shares of the company's stock after selling 585,400 shares during the period. Two Sigma Advisers LP owned about 0.77% of Gates Industrial worth $34,410,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Venturi Wealth Management LLC increased its stake in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock worth $54,000 after purchasing an additional 814 shares during the last quarter. Bank of Montreal Can increased its position in Gates Industrial by 2.5% during the second quarter. Bank of Montreal Can now owns 33,800 shares of the company's stock worth $535,000 after buying an additional 823 shares during the last quarter. Covestor Ltd raised its stake in Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company's stock valued at $84,000 after buying an additional 1,001 shares during the period. Tectonic Advisors LLC lifted its position in shares of Gates Industrial by 5.5% in the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company's stock valued at $353,000 after buying an additional 1,043 shares during the last quarter. Finally, Fort L.P. boosted its stake in shares of Gates Industrial by 9.3% during the 3rd quarter. Fort L.P. now owns 14,423 shares of the company's stock worth $253,000 after acquiring an additional 1,222 shares during the period. Institutional investors own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GTES. Royal Bank of Canada upgraded 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 note on Monday, August 19th. Morgan Stanley started coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an "equal weight" rating and a $19.00 target price for the company. Evercore ISI upped 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. Jefferies Financial Group raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Barclays upgraded Gates Industrial from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $21.00 to $25.00 in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $21.30.

Gates Industrial Price Performance

NYSE GTES traded down $0.29 during midday trading on Friday, hitting $22.64. The company had a trading volume of 2,228,481 shares, compared to its average volume of 2,553,531. The firm has a 50-day moving average price of $19.82 and a 200-day moving average price of $17.92. The company has a market capitalization of $5.77 billion, a PE ratio of 27.28 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a twelve month low of $11.22 and a twelve month high of $23.34.

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.