Verition Fund Management LLC Has $6.66 Million Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Verition Fund Management LLC increased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 322.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 379,509 shares of the company's stock after buying an additional 289,722 shares during the quarter. Verition Fund Management LLC owned about 0.15% of Gates Industrial worth $6,660,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Headlands Technologies LLC grew its position in Gates Industrial by 341.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock worth $27,000 after purchasing an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC boosted its position in shares of Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock worth $54,000 after buying an additional 814 shares during the period. Capital Performance Advisors LLP bought a new position in Gates Industrial in the 3rd quarter worth approximately $67,000. GAMMA Investing LLC increased its position in Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock valued at $68,000 after acquiring an additional 2,998 shares during the period. Finally, Covestor Ltd raised its stake in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company's stock valued at $84,000 after acquiring an additional 1,001 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GTES has been the subject of several recent analyst reports. Evercore ISI increased their price target 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. Barclays raised their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a research note on Tuesday, November 5th. Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their price target for the stock 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 price objective on the stock. Finally, KeyCorp upped their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Gates Industrial currently has an average rating of "Moderate Buy" and an average price target of $20.40.

Gates Industrial Price Performance

Shares of NYSE GTES traded up $0.12 during trading on Monday, hitting $22.28. The company had a trading volume of 2,019,863 shares, compared to its average volume of 3,055,424. The company has a market cap of $5.68 billion, a P/E ratio of 26.70 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The business's 50-day moving average is $19.33 and its 200 day moving average is $17.74. Gates Industrial Corp PLC has a 52 week low of $11.22 and a 52 week high of $22.48.

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.