Point72 Hong Kong Ltd Buys New Shares in Gates Industrial Corp PLC (NYSE:GTES)

Point72 Hong Kong Ltd purchased a new position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 33,229 shares of the company's stock, valued at approximately $583,000.

Other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in Gates Industrial by 2.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company's stock worth $262,011,000 after buying an additional 303,353 shares during the last quarter. FMR LLC boosted its stake in Gates Industrial by 4.5% during the 3rd quarter. FMR LLC now owns 13,059,271 shares of the company's stock worth $229,190,000 after acquiring an additional 562,643 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Gates Industrial by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company's stock valued at $188,477,000 after purchasing an additional 1,037,741 shares during the period. LSV Asset Management increased its stake in Gates Industrial by 19.9% in the second quarter. LSV Asset Management now owns 4,137,951 shares of the company's stock valued at $65,421,000 after purchasing an additional 686,080 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings 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 purchasing an additional 1,268,407 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. KeyCorp boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Thursday, November 21st. Morgan Stanley assumed 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. Evercore ISI increased their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research note on Monday, August 19th. Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Finally, Barclays upped their price target on shares of Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.40.

Gates Industrial Stock Up 0.5 %

Shares of GTES stock traded up $0.12 during trading on Tuesday, reaching $22.40. The company's stock had a trading volume of 2,406,123 shares, compared to its average volume of 3,052,127. The company has a market cap of $5.71 billion, a price-to-earnings ratio of 26.99 and a beta of 1.38. Gates Industrial Corp PLC has a one year low of $11.22 and a one year high of $22.53. The business has a fifty day moving average price of $19.51 and a 200-day moving average price of $17.81. 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 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.