Bridgewater Associates LP Sells 39,251 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Bridgewater Associates LP decreased its position in Gates Industrial Corp PLC (NYSE:GTES) by 73.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,389 shares of the company’s stock after selling 39,251 shares during the quarter. Bridgewater Associates LP’s holdings in Gates Industrial were worth $253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Headlands Technologies LLC increased its holdings in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after buying an additional 1,320 shares during the period. Venturi Wealth Management LLC grew its position in Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after acquiring an additional 814 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Gates Industrial in the 3rd quarter worth approximately $67,000. GAMMA Investing LLC lifted its position in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares during the last quarter. Finally, Covestor Ltd boosted its stake in shares of Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after purchasing an additional 1,001 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on GTES shares. KeyCorp upped their price target 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. Evercore ISI increased their target price 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. Barclays boosted their price target 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 increased their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Morgan Stanley assumed coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.40.

Gates Industrial Stock Up 0.5 %

NYSE:GTES opened at $22.40 on Wednesday. Gates Industrial Corp PLC has a 1-year low of $11.22 and a 1-year high of $22.53. The company has a market capitalization of $5.71 billion, a PE ratio of 26.99 and a beta of 1.38. The firm’s 50-day moving average price is $19.51 and its 200-day moving average price is $17.81. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

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.