Gates Industrial Corp PLC (NYSE:GTES) Short Interest Up 7.4% in September

Gates Industrial Corp PLC (NYSE:GTES) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 3,060,000 shares, an increase of 7.4% from the August 30th total of 2,850,000 shares. Approximately 6.9% of the company’s shares are sold short. Based on an average daily trading volume, of 616,200 shares, the short-interest ratio is currently 5.0 days.

NYSE:GTES traded up $0.12 on Tuesday, reaching $9.80. The stock had a trading volume of 8,043 shares, compared to its average volume of 466,023. The company has a current ratio of 2.91, a quick ratio of 2.06 and a debt-to-equity ratio of 1.07. The company has a 50-day moving average of $9.56 and a 200 day moving average of $11.51. The stock has a market cap of $2.62 billion, a P/E ratio of 7.58 and a beta of 2.02. Gates Industrial has a 12-month low of $6.76 and a 12-month high of $17.60.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The firm had revenue of $809.90 million during the quarter, compared to analysts’ expectations of $846.93 million. Gates Industrial had a net margin of 23.82% and a return on equity of 13.03%. Gates Industrial’s quarterly revenue was down 7.5% on a year-over-year basis. On average, equities analysts predict that Gates Industrial will post 0.91 EPS for the current year.

A number of analysts recently weighed in on the stock. Zacks Investment Research raised shares of Gates Industrial from a “strong sell” rating to a “hold” rating in a research report on Friday. Goldman Sachs Group raised shares of Gates Industrial from a “neutral” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Tuesday, June 25th. KeyCorp decreased their price target on shares of Gates Industrial from $19.00 to $15.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. UBS Group cut shares of Gates Industrial from a “buy” rating to a “neutral” rating and set a $9.50 price target for the company. in a research report on Thursday, October 10th. Finally, Morgan Stanley set a $9.00 price target on shares of Gates Industrial and gave the stock a “hold” rating in a research report on Monday, August 12th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $13.56.

In other Gates Industrial news, major shareholder Aggregator (Cayman) L.P. Omaha purchased 209,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was purchased at an average cost of $8.45 per share, with a total value of $1,766,050.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Blackstone Group Inc purchased 282,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average cost of $8.22 per share, with a total value of $2,322,150.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 1,286,808 shares of company stock valued at $10,573,815. Insiders own 0.71% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Advisory Services Network LLC lifted its position in shares of Gates Industrial by 21.3% during the first quarter. Advisory Services Network LLC now owns 18,571 shares of the company’s stock worth $266,000 after purchasing an additional 3,262 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Gates Industrial by 3.1% during the first quarter. Marshall Wace LLP now owns 106,266 shares of the company’s stock worth $1,524,000 after purchasing an additional 3,150 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of Gates Industrial during the second quarter worth about $494,000. Swiss National Bank lifted its position in shares of Gates Industrial by 2.1% during the second quarter. Swiss National Bank now owns 107,900 shares of the company’s stock worth $1,231,000 after purchasing an additional 2,200 shares during the last quarter. Finally, Sapience Investments LLC bought a new position in shares of Gates Industrial during the second quarter worth about $7,654,000.

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.

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