XTX Topco Ltd Increases Position in Gates Industrial Corporation PLC (NYSE:GTES)

XTX Topco Ltd increased its position in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 42.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 36,158 shares of the company's stock after acquiring an additional 10,762 shares during the period. XTX Topco Ltd's holdings in Gates Industrial were worth $666,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. GeoWealth Management LLC increased its holdings in Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after buying an additional 789 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of Gates Industrial in the 4th quarter worth approximately $43,000. MetLife Investment Management LLC raised its holdings in shares of Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after purchasing an additional 567 shares in the last quarter. Avanza Fonder AB purchased a new position in shares of Gates Industrial in the 1st quarter valued at $145,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Gates Industrial by 81.0% in the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock valued at $168,000 after acquiring an additional 4,073 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Price Performance

Shares of Gates Industrial stock traded down $0.01 during trading hours on Friday, hitting $23.87. The company's stock had a trading volume of 517,106 shares, compared to its average volume of 2,317,646. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The company has a market cap of $6.15 billion, a PE ratio of 30.64 and a beta of 1.24. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $25.66. The business has a 50 day moving average price of $23.39 and a two-hundred day moving average price of $21.13.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The company had revenue of $883.70 million during the quarter, compared to analyst estimates of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%. Gates Industrial's revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. Analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. UBS Group boosted their target price on shares of Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Morgan Stanley lowered their price target on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Barclays reiterated an "overweight" rating and issued a $28.00 target price (up previously from $26.00) on shares of Gates Industrial in a research report on Monday. Royal Bank Of Canada upped their price objective on shares of Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Citigroup raised their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.67.

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.