HBK Investments L P Has $7.90 Million Position in Gates Industrial Corp PLC (NYSE:GTES)

HBK Investments L P cut its position in Gates Industrial Corp PLC (NYSE:GTES) by 25.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 450,000 shares of the company’s stock after selling 150,000 shares during the quarter. HBK Investments L P’s holdings in Gates Industrial were worth $7,898,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Park Avenue Securities LLC increased its position in Gates Industrial by 172.6% during the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock worth $1,043,000 after purchasing an additional 41,762 shares in the last quarter. First Hawaiian Bank acquired a new position in Gates Industrial during the 2nd quarter worth approximately $520,000. GAMMA Investing LLC grew its holdings in Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares during the last quarter. Foundry Partners LLC bought a new stake in Gates Industrial during the 3rd quarter worth approximately $4,247,000. Finally, Mutual of America Capital Management LLC bought a new stake in Gates Industrial during the 3rd quarter worth approximately $597,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Robert W. Baird reduced their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $20.00 to $22.00 in a research note on Monday, August 19th. KeyCorp upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Evercore ISI upped 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 note on Monday, August 19th. Finally, Barclays upped their price objective 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. 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 a consensus target price of $20.40.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.12 on Friday. The firm has a 50-day moving average of $19.16 and a 200-day moving average of $17.66. The company has a market cap of $5.63 billion, a P/E ratio of 26.65 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. Gates Industrial Corp PLC has a one year low of $11.22 and a one year high of $22.43.

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.