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

Gates Industrial Corp PLC (NYSE:GTES) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 11,260,000 shares, a growth of 27.8% from the October 15th total of 8,810,000 shares. Approximately 4.8% of the company’s stock are sold short. Based on an average daily volume of 2,970,000 shares, the days-to-cover ratio is presently 3.8 days.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group raised their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Evercore ISI increased their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Morgan Stanley assumed coverage on Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. Robert W. Baird decreased their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Finally, Barclays lifted their target price on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Insider Activity at Gates Industrial

In related news, Director Wilson S. Neely acquired 11,952 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the purchase, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $100,800. The trade was a -200.81 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Gates Industrial

Institutional investors have recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC lifted 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 valued at $54,000 after acquiring an additional 814 shares during the period. Bank of Montreal Can raised its holdings in Gates Industrial by 2.5% during the second quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after purchasing an additional 823 shares during the last quarter. Covestor Ltd boosted its position in Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after purchasing an additional 1,001 shares in the last quarter. Tectonic Advisors LLC grew its holdings in Gates Industrial by 5.5% in the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock valued at $353,000 after purchasing an additional 1,043 shares during the last quarter. Finally, Fort L.P. increased its position in shares of Gates Industrial by 9.3% in the third quarter. Fort L.P. now owns 14,423 shares of the company’s stock valued at $253,000 after buying an additional 1,222 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Trading Up 0.2 %

Shares of GTES stock opened at $20.78 on Friday. Gates Industrial has a 1-year low of $11.22 and a 1-year high of $21.54. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The business’s fifty day moving average price is $18.40 and its 200 day moving average price is $17.37. The firm has a market capitalization of $5.29 billion, a PE ratio of 25.04 and a beta of 1.38.

Gates Industrial announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.