Point72 Hong Kong Ltd Makes New Investment in Gates Industrial Corp PLC (NYSE:GTES)

Point72 Hong Kong Ltd purchased a new stake in Gates Industrial Corp PLC (NYSE:GTES) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 33,229 shares of the company’s stock, valued at approximately $583,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTES. Fred Alger Management LLC increased its stake in shares of Gates Industrial by 6.1% in the third quarter. Fred Alger Management LLC now owns 2,827,082 shares of the company’s stock valued at $49,615,000 after buying an additional 161,450 shares during the period. Verition Fund Management LLC boosted its stake in Gates Industrial by 322.7% during the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock worth $6,660,000 after acquiring an additional 289,722 shares in the last quarter. Hantz Financial Services Inc. boosted its position in shares of Gates Industrial by 226.2% during the 3rd quarter. Hantz Financial Services Inc. now owns 55,973 shares of the company’s stock worth $982,000 after purchasing an additional 38,816 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Gates Industrial by 91.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 563,407 shares of the company’s stock worth $9,888,000 after acquiring an additional 268,484 shares in the last quarter. Finally, Public Sector Pension Investment Board acquired a new stake in Gates Industrial in the 3rd quarter valued at $8,420,000. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

GTES stock opened at $22.28 on Tuesday. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 12 month low of $11.22 and a 12 month high of $22.48. The stock has a market cap of $5.68 billion, a PE ratio of 26.84 and a beta of 1.38. The company has a 50-day moving average price of $19.42 and a 200 day moving average price of $17.78.

Analysts Set New Price Targets

GTES has been the topic of a number of analyst reports. KeyCorp lifted 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. Barclays lifted their price objective on 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 boosted their price target for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Morgan Stanley began coverage on Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective on the stock. Finally, Evercore ISI increased their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and an average price target of $20.40.

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.