Gates Industrial Corp PLC (NYSE:GTES) Short Interest Update

Gates Industrial Corp PLC (NYSE:GTES) saw a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 6,070,000 shares, an increase of 8.4% from the December 31st total of 5,600,000 shares. Based on an average daily volume of 2,820,000 shares, the days-to-cover ratio is currently 2.2 days. Approximately 2.5% of the company’s stock are sold short.

Analyst Ratings Changes

Several brokerages recently commented on GTES. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Jefferies Financial Group lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group increased their target price on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Citigroup dropped their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, KeyCorp increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Gates Industrial Trading Down 2.2 %

GTES opened at $20.24 on Tuesday. Gates Industrial has a 1-year low of $12.40 and a 1-year high of $23.34. The stock has a market capitalization of $5.15 billion, a PE ratio of 24.38 and a beta of 1.37. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm has a 50-day moving average price of $21.05 and a two-hundred day moving average price of $19.18.

Institutional Trading of Gates Industrial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tectonic Advisors LLC increased its holdings in Gates Industrial by 3.6% in the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company’s stock valued at $429,000 after purchasing an additional 724 shares during the last quarter. Venturi Wealth Management LLC grew its position in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after buying an additional 814 shares during the period. Bank of Montreal Can increased its stake in shares of Gates Industrial by 2.5% in the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock valued at $535,000 after acquiring an additional 823 shares during the last quarter. Covestor Ltd raised its position in shares of Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Gates Industrial by 29.0% during the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after acquiring an additional 1,130 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

About Gates Industrial

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.