XTX Topco Ltd Takes Position in Gates Industrial Corp PLC (NYSE:GTES)

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

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GTES. State Street Corp boosted its position in Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after purchasing an additional 3,459,450 shares during the last quarter. Zimmer Partners LP raised its stake in shares of Gates Industrial by 141.2% during the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after purchasing an additional 2,466,543 shares during the period. Fred Alger Management LLC boosted its holdings in shares of Gates Industrial by 156.8% in the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after buying an additional 1,627,482 shares during the last quarter. Jennison Associates LLC grew its position in Gates Industrial by 45.9% during the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after buying an additional 1,268,407 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after buying an additional 1,048,596 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Trading Down 0.7 %

Shares of GTES opened at $21.99 on Friday. Gates Industrial Corp PLC has a twelve month low of $12.03 and a twelve month high of $23.34. The stock has a market cap of $5.60 billion, a PE ratio of 26.49 and a beta of 1.38. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The business’s 50-day moving average price is $20.30 and its 200-day moving average price is $18.07.

Analyst Ratings Changes

GTES has been the topic of a number of research analyst reports. The Goldman Sachs Group boosted their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday. Royal Bank of Canada upped their price objective on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday. Evercore ISI raised their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. KeyCorp upped their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Morgan Stanley assumed coverage on Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.80.

Gates Industrial Company 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.