XTX Topco Ltd Makes New Investment in Gates Industrial Corp PLC (NYSE:GTES)

XTX Topco Ltd purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 30,566 shares of the company's stock, valued at approximately $536,000.

A number of other hedge funds have also recently added to or reduced their stakes in GTES. Headlands Technologies LLC raised its holdings in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock valued at $27,000 after buying an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC raised its stake in Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock valued at $54,000 after acquiring an additional 814 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in Gates Industrial during the 3rd quarter worth approximately $67,000. GAMMA Investing LLC grew its stake in shares of 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 purchasing an additional 2,998 shares during the last quarter. Finally, Quarry LP acquired a new position in shares of Gates Industrial in the third quarter valued at approximately $71,000. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

Gates Industrial stock traded down $0.15 during trading hours on Friday, hitting $21.99. The stock had a trading volume of 2,493,336 shares, compared to its average volume of 3,040,277. Gates Industrial Corp PLC has a 1-year low of $12.03 and a 1-year high of $23.34. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 26.49 and a beta of 1.38. The stock's fifty day moving average is $20.30 and its two-hundred day moving average is $18.07. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GTES shares. Evercore ISI lifted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research report on Monday, August 19th. KeyCorp boosted their price target on shares of 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 their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the company an "outperform" rating in a research report on Thursday. The Goldman Sachs Group lifted their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Citigroup increased their target price on Gates Industrial from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.80.

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.