Gates Industrial Sees Unusually High Options Volume (NYSE:GTES)

Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) was the recipient of unusually large options trading activity on Friday. Investors bought 3,945 call options on the stock. This represents an increase of approximately 366% compared to the average volume of 847 call options.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of research reports. Citigroup dropped 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 report on Monday, January 13th. Evercore ISI upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. Royal Bank of Canada increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Barclays lowered their price target on Gates Industrial from $27.00 to $26.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. Finally, KeyCorp raised their price objective on Gates Industrial from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Gates Industrial presently has a consensus rating of "Moderate Buy" and an average price target of $24.11.

Insider Buying and Selling

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the company's stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.30% of the company's stock.

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Institutional Investors Weigh In On Gates Industrial

Several large investors have recently made changes to their positions in the company. GeoWealth Management LLC boosted its position in Gates Industrial by 187.4% in 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 in the last quarter. Assetmark Inc. raised its stake in shares of Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after acquiring an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Gates Industrial in the 4th quarter worth approximately $43,000. Versant Capital Management Inc grew its position in Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock worth $51,000 after acquiring an additional 1,598 shares during the last quarter. Finally, SRS Capital Advisors Inc. grew its position in Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock worth $54,000 after acquiring an additional 724 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

NYSE GTES traded up $0.03 during trading on Tuesday, reaching $20.07. 2,031,212 shares of the company traded hands, compared to its average volume of 2,828,434. Gates Industrial has a 1-year low of $15.14 and a 1-year high of $23.85. The company has a market cap of $5.13 billion, a price-to-earnings ratio of 27.49 and a beta of 1.33. The stock's 50 day moving average price is $20.83 and its two-hundred day moving average price is $20.12. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, analysts anticipate that Gates Industrial will post 1.36 EPS for the current year.

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.