HBK Investments L P Decreases Stock Holdings in Gates Industrial Corp PLC (NYSE:GTES)

HBK Investments L P trimmed its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 22.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 350,000 shares of the company's stock after selling 100,000 shares during the period. HBK Investments L P owned about 0.14% of Gates Industrial worth $7,200,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in GTES. HighPoint Advisor Group LLC boosted its holdings in Gates Industrial by 3.2% during the fourth quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company's stock worth $331,000 after purchasing an additional 452 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after purchasing an additional 567 shares during the last quarter. United Services Automobile Association boosted its holdings in Gates Industrial by 4.8% during the fourth quarter. United Services Automobile Association now owns 14,054 shares of the company's stock worth $289,000 after purchasing an additional 646 shares during the last quarter. Tectonic Advisors LLC boosted its holdings in Gates Industrial by 3.6% during the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company's stock worth $429,000 after purchasing an additional 724 shares during the last quarter. Finally, SRS Capital Advisors Inc. boosted its holdings in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock worth $54,000 after purchasing an additional 724 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GTES has been the subject of a number of recent analyst reports. Evercore ISI increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Barclays cut their price target on shares of Gates Industrial from $25.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. KeyCorp cut their price target on shares of Gates Industrial from $27.00 to $21.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Citigroup cut their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, The Goldman Sachs Group cut their target price on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.67.

Gates Industrial Stock Performance

GTES stock traded up $0.74 during midday trading on Wednesday, hitting $18.72. The company's stock had a trading volume of 2,236,312 shares, compared to its average volume of 2,984,566. The stock's 50-day moving average price is $18.71 and its 200 day moving average price is $20.10. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a 1 year low of $14.70 and a 1 year high of $23.85. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of 25.64 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts' consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, equities analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the firm's stock in a transaction on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the purchase, the director now directly owns 188,452 shares of the company's stock, valued at $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

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.