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

Gates Industrial Corporation PLC (NYSE:GTESGet Free Report) saw some unusual options trading activity on Wednesday. Stock traders purchased 5,002 call options on the company. This represents an increase of 163% compared to the typical daily volume of 1,903 call options.

Gates Industrial Stock Performance

Shares of GTES opened at $22.65 on Thursday. The firm has a market cap of $5.84 billion, a P/E ratio of 27.62 and a beta of 1.21. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $23.85. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33. The firm’s 50 day moving average price is $20.69 and its two-hundred day moving average price is $20.39.

Gates Industrial (NYSE:GTESGet Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the business posted $0.31 earnings per share. On average, analysts forecast that Gates Industrial will post 1.36 EPS for the current fiscal year.

Institutional Trading of Gates Industrial

Hedge funds and other institutional investors have recently modified their holdings of the company. Voya Investment Management LLC grew its holdings in shares of Gates Industrial by 187.0% during the first quarter. Voya Investment Management LLC now owns 139,129 shares of the company’s stock worth $2,561,000 after buying an additional 90,648 shares in the last quarter. Strs Ohio bought a new position in shares of Gates Industrial during the 1st quarter worth approximately $8,916,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Gates Industrial by 9.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company’s stock worth $72,825,000 after acquiring an additional 346,250 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Gates Industrial in the first quarter valued at approximately $381,000. Finally, Dean Capital Management raised its holdings in shares of Gates Industrial by 2.3% in the first quarter. Dean Capital Management now owns 71,196 shares of the company’s stock valued at $1,311,000 after purchasing an additional 1,576 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Morgan Stanley cut their target price on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Wall Street Zen upgraded shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 14th. The Goldman Sachs Group upped their price target on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. KeyCorp upped their price target on Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Finally, Royal Bank Of Canada upped their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.22.

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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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