PDT Partners LLC Trims Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

PDT Partners LLC trimmed its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 51.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Venturi Wealth Management LLC boosted its holdings in shares of Gates Industrial by 35.9% in the third 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 in the last quarter. Bank of Montreal Can boosted its holdings in Gates Industrial by 2.5% in the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock valued at $535,000 after purchasing an additional 823 shares in the last quarter. Covestor Ltd increased its position in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after purchasing an additional 1,001 shares during the period. Tectonic Advisors LLC raised its stake in shares of Gates Industrial by 5.5% during the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock worth $353,000 after buying an additional 1,043 shares in the last quarter. Finally, Fort L.P. lifted its holdings in shares of Gates Industrial by 9.3% in the 3rd quarter. Fort L.P. now owns 14,423 shares of the company’s stock valued at $253,000 after buying an additional 1,222 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on GTES shares. Barclays increased their price objective on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Morgan Stanley started coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. Evercore ISI boosted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Finally, KeyCorp upped their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.40.

Gates Industrial Trading Up 0.2 %

Shares of Gates Industrial stock opened at $22.16 on Monday. Gates Industrial Corp PLC has a 1 year low of $11.22 and a 1 year high of $22.43. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The business has a 50 day moving average price of $19.33 and a 200 day moving average price of $17.74. The company has a market capitalization of $5.64 billion, a P/E ratio of 26.70 and a beta of 1.38.

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.