Gates Industrial Corp PLC (NYSE:GTES) Short Interest Up 8.4% in December

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

Gates Industrial Stock Up 0.9 %

Shares of GTES traded up $0.19 during midday trading on Monday, reaching $20.49. 1,637,575 shares of the company were exchanged, compared to its average volume of 1,881,841. The stock has a 50-day moving average price of $21.20 and a 200-day moving average price of $18.84. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 24.68 and a beta of 1.38. Gates Industrial has a 1-year low of $12.40 and a 1-year high of $23.34. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Analyst Ratings Changes

GTES has been the subject of a number of recent analyst reports. Royal Bank of Canada lifted their price objective on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Jefferies Financial Group lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Citigroup lowered their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. The Goldman Sachs Group boosted their price target on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Finally, Barclays raised Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $21.00 to $25.00 in a research report on Thursday, December 5th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc lifted its stake in shares of Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after purchasing an additional 1,598 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in shares of Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Gates Industrial during the third quarter worth about $67,000. GAMMA Investing LLC lifted its stake in shares of Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Gates Industrial in the third quarter worth about $71,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.