PDT Partners LLC Lowers Stake in Gates Industrial Corp PLC (NYSE:GTES)

PDT Partners LLC decreased its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 51.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 89,734 shares of the company’s stock after selling 96,414 shares during the quarter. PDT Partners LLC’s holdings in Gates Industrial were worth $1,575,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Gates Industrial by 67.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 61,668 shares of the company’s stock worth $1,093,000 after purchasing an additional 24,946 shares during the period. Public Employees Retirement System of Ohio lifted its position in Gates Industrial by 33.1% during the first quarter. Public Employees Retirement System of Ohio now owns 65,879 shares of the company’s stock worth $1,167,000 after buying an additional 16,398 shares during the period. California State Teachers Retirement System boosted its stake in Gates Industrial by 15.8% in the 1st quarter. California State Teachers Retirement System now owns 171,137 shares of the company’s stock worth $3,031,000 after buying an additional 23,291 shares during the last quarter. Tidal Investments LLC grew its holdings in Gates Industrial by 11.3% in the 1st quarter. Tidal Investments LLC now owns 53,384 shares of the company’s stock valued at $945,000 after buying an additional 5,402 shares during the period. Finally, First Hawaiian Bank acquired a new position in shares of Gates Industrial during the 2nd quarter valued at about $520,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. KeyCorp boosted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Morgan Stanley assumed coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. Barclays lifted their target price on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada upgraded 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. Finally, Evercore ISI boosted their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.40.

Gates Industrial Stock Up 0.2 %

NYSE GTES opened at $22.16 on Monday. The stock has a market cap of $5.64 billion, a PE ratio of 26.70 and a beta of 1.38. The business has a 50 day moving average price of $19.33 and a two-hundred day moving average price of $17.74. Gates Industrial Corp PLC has a fifty-two week low of $11.22 and a fifty-two week high of $22.43. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.

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.