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

HBK Investments L P cut its position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 25.0% during the 3rd 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 about 0.18% of Gates Industrial worth $7,898,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fred Alger Management LLC boosted its holdings in shares of Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock valued at $42,144,000 after acquiring an additional 1,627,482 shares in the last quarter. Jennison Associates LLC boosted its stake in Gates Industrial by 45.9% during the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock valued at $70,763,000 after purchasing an additional 1,268,407 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock valued at $18,670,000 after purchasing an additional 1,048,596 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Gates Industrial by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company's stock worth $188,477,000 after purchasing an additional 1,037,741 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Gates Industrial by 606.4% during the 3rd quarter. New York State Common Retirement Fund now owns 948,825 shares of the company's stock worth $16,652,000 after acquiring an additional 814,510 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on GTES shares. The Goldman Sachs Group upped their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, August 1st. Evercore ISI increased their target price on Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research note on Monday, August 19th. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. KeyCorp raised their price objective 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. Finally, Barclays upped their price target on Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $20.40.

Gates Industrial Trading Up 0.2 %

Shares of GTES stock traded up $0.04 during mid-day trading on Friday, reaching $22.16. 775,395 shares of the stock traded hands, compared to its average volume of 3,059,907. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 1-year low of $11.22 and a 1-year high of $22.43. The stock's fifty day simple moving average is $19.24 and its two-hundred day simple moving average is $17.69. The company has a market cap of $5.64 billion, a price-to-earnings ratio of 26.65 and a beta of 1.38.

Gates Industrial 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.