Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) saw some unusual options trading activity on Friday. Traders acquired 3,945 call options on the company. This represents an increase of 366% compared to the typical daily volume of 847 call options.
Analyst Ratings Changes
GTES has been the topic of a number of recent research reports. Evercore ISI lifted their price target on 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 objective 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. Royal Bank of Canada lifted their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. The Goldman Sachs Group cut their price target on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Finally, KeyCorp lifted 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 issued a buy rating to the company's stock. According to MarketBeat, Gates Industrial currently has an average rating of "Moderate Buy" and a consensus target price of $24.11.
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Gates Industrial Stock Up 2.6 %
NYSE:GTES traded up $0.51 on Monday, hitting $19.87. The stock had a trading volume of 347,182 shares, compared to its average volume of 2,819,970. 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 has a 52 week low of $15.14 and a 52 week high of $23.85. The business's fifty day moving average is $20.84 and its 200 day moving average is $20.07. The company has a market cap of $5.08 billion, a PE ratio of 27.22 and a beta of 1.33.
Gates Industrial (NYSE:GTES - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting 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 research analysts expect that Gates Industrial will post 1.36 EPS for the current fiscal year.
Insider Activity
In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the company's stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the purchase, the director now owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Gates Industrial
Several large investors have recently added to or reduced their stakes in GTES. Mutual of America Capital Management LLC bought a new position in shares of Gates Industrial in the third quarter valued at approximately $597,000. Foundry Partners LLC purchased a new stake in Gates Industrial in the 3rd quarter valued at $4,247,000. Jennison Associates LLC lifted its stake in Gates Industrial by 45.9% during the 3rd 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 in the last quarter. Verition Fund Management LLC boosted its holdings in Gates Industrial by 322.7% during the 3rd quarter. Verition Fund Management LLC now owns 379,509 shares of the company's stock worth $6,660,000 after acquiring an additional 289,722 shares during the last quarter. Finally, Stifel Financial Corp grew its stake in shares of Gates Industrial by 40.3% in the 3rd quarter. Stifel Financial Corp now owns 139,338 shares of the company's stock worth $2,445,000 after acquiring an additional 40,027 shares in the last quarter. Institutional investors own 98.50% of the company's stock.
Gates Industrial Company Profile
(
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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.
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