Short Interest in Gates Industrial Corp PLC (NYSE:GTES) Increases By 14.0%

Gates Industrial Corp PLC (NYSE:GTESGet Free Report) was the recipient of a large increase in short interest in the month of May. As of May 31st, there was short interest totalling 10,990,000 shares, an increase of 14.0% from the May 15th total of 9,640,000 shares. Currently, 5.3% of the shares of the company are sold short. Based on an average daily volume of 3,060,000 shares, the short-interest ratio is presently 3.6 days.

Gates Industrial Trading Up 0.1 %

Shares of GTES stock traded up $0.02 on Tuesday, hitting $16.06. 39,773 shares of the stock traded hands, compared to its average volume of 2,780,331. The firm’s 50-day moving average price is $17.06 and its two-hundred day moving average price is $15.24. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.15 and a current ratio of 3.06. The stock has a market capitalization of $4.20 billion, a PE ratio of 17.63 and a beta of 1.43. Gates Industrial has a twelve month low of $10.68 and a twelve month high of $17.99.

Gates Industrial (NYSE:GTESGet Free Report) last announced its earnings results on Wednesday, May 1st. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $862.60 million during the quarter, compared to analyst estimates of $866.00 million. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. As a group, analysts anticipate that Gates Industrial will post 1.32 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on GTES. Citigroup boosted their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Wolfe Research raised shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price target for the company in a report on Friday, March 8th. The Goldman Sachs Group boosted their price target on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Evercore ISI boosted their price target on shares of Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. Finally, Jefferies Financial Group assumed coverage on shares of Gates Industrial in a report on Thursday, February 29th. They set a “buy” rating and a $21.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

Get Our Latest Report on GTES

Insider Activity at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the transaction, the insider now directly owns 77,326 shares in the company, valued at approximately $1,262,733.58. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GTES. GAMMA Investing LLC purchased a new position in shares of Gates Industrial in the fourth quarter valued at approximately $27,000. Gladius Capital Management LP purchased a new position in shares of Gates Industrial in the fourth quarter valued at approximately $48,000. Covestor Ltd boosted its stake in shares of Gates Industrial by 42.8% in the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock valued at $57,000 after purchasing an additional 1,454 shares during the period. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Gates Industrial in the third quarter valued at approximately $77,000. Finally, TFO Wealth Partners LLC boosted its stake in shares of Gates Industrial by 68,390.0% in the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Company Profile

(Get Free Report)

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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