Verition Fund Management LLC Raises Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Verition Fund Management LLC increased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 322.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 379,509 shares of the company’s stock after acquiring an additional 289,722 shares during the quarter. Verition Fund Management LLC owned approximately 0.15% of Gates Industrial worth $6,660,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Headlands Technologies LLC increased its holdings in Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after purchasing an additional 1,320 shares during the period. Venturi Wealth Management LLC increased its stake in shares of Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after buying an additional 814 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Gates Industrial during the third quarter valued at approximately $67,000. GAMMA Investing LLC lifted its stake in Gates Industrial by 333.9% in the third 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 period. Finally, Covestor Ltd boosted its holdings in Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Trading Up 0.2 %

Shares of GTES stock opened at $22.16 on Monday. The stock has a market capitalization of $5.64 billion, a P/E ratio of 26.70 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm’s 50 day moving average is $19.33 and its 200 day moving average is $17.74. Gates Industrial Corp PLC has a 12-month low of $11.22 and a 12-month high of $22.43.

Analysts Set New Price Targets

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