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

Gates Industrial Corp PLC (NYSE:GTES) was the recipient of unusually large options trading activity on Thursday. Traders purchased 3,194 put options on the stock. This represents an increase of approximately 293% compared to the average volume of 813 put options.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently modified their holdings of GTES. GeoWealth Management LLC lifted its stake in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after purchasing an additional 789 shares during the last quarter. Assetmark Inc. raised its holdings in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after acquiring an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Gates Industrial in the 4th quarter worth $43,000. Versant Capital Management Inc raised its holdings in Gates Industrial by 178.3% in 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 period. Finally, SRS Capital Advisors Inc. raised its holdings in Gates Industrial by 38.1% in 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 period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Royal Bank of Canada lifted their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Citigroup decreased their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Jefferies Financial Group raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Evercore ISI raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Finally, The Goldman Sachs Group decreased their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.11.

Gates Industrial Trading Down 1.7 %

Shares of NYSE:GTES opened at $19.33 on Friday. 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 12-month low of $15.14 and a 12-month high of $23.85. The firm has a fifty day moving average of $20.84 and a two-hundred day moving average of $20.03. The firm has a market capitalization of $4.94 billion, a P/E ratio of 26.48 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, equities analysts expect that Gates Industrial will post 1.36 EPS for the current fiscal year.

Gates Industrial Company Profile

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.