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

Gates Industrial Corporation PLC (NYSE:GTES) was the target of some unusual options trading activity on Wednesday. Investors purchased 14,616 call options on the stock. This represents an increase of approximately 562% compared to the average volume of 2,209 call options.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Royal Bank Of Canada dropped their price target on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, October 30th. Citigroup lowered their price objective on Gates Industrial from $31.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Wells Fargo & Company started coverage on Gates Industrial in a research note on Thursday, November 13th. They issued an “equal weight” rating and a $23.00 target price for the company. JPMorgan Chase & Co. reduced their price target on Gates Industrial from $33.00 to $32.00 and set an “overweight” rating on the stock in a report on Tuesday, December 16th. Finally, UBS Group lowered their price target on shares of Gates Industrial from $29.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $27.09.

Gates Industrial Price Performance

Gates Industrial stock opened at $22.52 on Friday. The company’s 50 day simple moving average is $21.99 and its 200-day simple moving average is $23.83. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.50 and a current ratio of 3.52. Gates Industrial has a 1 year low of $14.70 and a 1 year high of $26.46. The company has a market capitalization of $5.82 billion, a price-to-earnings ratio of 24.75 and a beta of 1.24.

Insider Activity at Gates Industrial

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the sale, the chief financial officer owned 177,627 shares of the company’s stock, valued at $4,044,566.79. The trade was a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GTES. True Wealth Design LLC grew its holdings in shares of Gates Industrial by 133.2% in the third quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock valued at $29,000 after purchasing an additional 666 shares in the last quarter. Allworth Financial LP boosted its position in Gates Industrial by 43.0% in the 2nd quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after buying an additional 630 shares during the period. SJS Investment Consulting Inc. boosted its position in Gates Industrial by 5,123.7% in the 3rd quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after buying an additional 1,947 shares during the period. Quent Capital LLC acquired a new position in shares of Gates Industrial in the third quarter worth $51,000. Finally, Avanza Fonder AB increased its position in shares of Gates Industrial by 85.3% during the third quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock worth $61,000 after acquiring an additional 1,124 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

About Gates Industrial

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.