Gates Industrial Target of Unusually Large Options Trading (NYSE:GTES)

Gates Industrial Corp PLC (NYSE:GTES) was the target of unusually large options trading on Thursday. Investors bought 3,194 put options on the stock. This is an increase of 293% compared to the typical daily volume of 813 put options.

Analyst Ratings Changes

Several analysts have recently commented on the stock. KeyCorp increased their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Royal Bank of Canada lifted their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. The Goldman Sachs Group dropped their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday. Barclays reduced their target price on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Finally, Citigroup dropped their price target 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. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.11.

Gates Industrial Trading Down 0.2 %

GTES traded down $0.04 during mid-day trading on Thursday, hitting $19.57. The stock had a trading volume of 515,154 shares, compared to its average volume of 2,701,910. Gates Industrial has a 1-year low of $15.14 and a 1-year high of $23.85. The firm has a market capitalization of $5.00 billion, a price-to-earnings ratio of 26.80 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The stock’s fifty day simple moving average is $20.86 and its 200-day simple moving average is $20.02.

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

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the acquisition, the director now directly owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.

Institutional Trading of Gates Industrial

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. KBC Group NV grew its position in Gates Industrial by 35.1% in the third quarter. KBC Group NV now owns 5,646 shares of the company’s stock valued at $99,000 after purchasing an additional 1,468 shares in the last quarter. CIBC Asset Management Inc bought a new position in shares of Gates Industrial in the 3rd quarter valued at about $305,000. Natixis Advisors LLC grew its holdings in shares of Gates Industrial by 25.3% in the 3rd quarter. Natixis Advisors LLC now owns 170,785 shares of the company’s stock valued at $2,997,000 after acquiring an additional 34,461 shares in the last quarter. Mutual of America Capital Management LLC acquired a new stake in shares of Gates Industrial in the third quarter valued at about $597,000. Finally, Thrivent Financial for Lutherans raised its holdings in Gates Industrial by 21.0% during the third quarter. Thrivent Financial for Lutherans now owns 958,417 shares of the company’s stock worth $16,820,000 after acquiring an additional 166,635 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.