Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC trimmed its stake in Gates Industrial Corp PLC (NYSE:GTES) by 26.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 129,104 shares of the company’s stock after selling 45,313 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.05% of Gates Industrial worth $2,656,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. GAMMA Investing LLC increased its stake in Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after purchasing an additional 2,998 shares in the last quarter. Mutual of America Capital Management LLC acquired a new position in shares of Gates Industrial in the third quarter worth about $597,000. Foundry Partners LLC purchased a new position in shares of Gates Industrial in the third quarter worth approximately $4,247,000. Jennison Associates LLC raised its holdings in shares of 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 acquiring an additional 1,268,407 shares during the period. Finally, Verition Fund Management LLC lifted its position in shares of Gates Industrial by 322.7% in the 3rd quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock valued at $6,660,000 after acquiring an additional 289,722 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Trading Up 0.9 %

Shares of NYSE:GTES opened at $20.49 on Monday. 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 stock has a market capitalization of $5.22 billion, a PE ratio of 24.68 and a beta of 1.38. Gates Industrial Corp PLC has a 1 year low of $12.40 and a 1 year high of $23.34. The firm has a fifty day moving average price of $21.20 and a 200 day moving average price of $18.84.

Analysts Set New Price Targets

Several analysts have issued reports on GTES shares. Citigroup cut their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. The Goldman Sachs Group increased their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Royal Bank of Canada upped their target price on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Finally, Jefferies Financial Group upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $22.50.

Gates Industrial 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.