Short Interest in Gates Industrial Corp PLC (NYSE:GTES) Grows By 8.4%

Gates Industrial Corp PLC (NYSE:GTES) was the recipient of a significant increase in short interest in 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. Currently, 2.5% of the company’s shares are short sold. Based on an average trading volume of 2,820,000 shares, the short-interest ratio is currently 2.2 days.

Gates Industrial Stock Down 2.2 %

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

Hedge Funds Weigh In On Gates Industrial

A number of institutional investors have recently added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after buying an additional 3,459,450 shares during the last quarter. Zimmer Partners LP raised its stake in Gates Industrial by 141.2% in the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock valued at $73,946,000 after acquiring an additional 2,466,543 shares during the period. Franklin Resources Inc. lifted its holdings in Gates Industrial by 138.0% during the 3rd quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock valued at $68,159,000 after purchasing an additional 2,220,277 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Gates Industrial by 31.5% in the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock valued at $109,038,000 after purchasing an additional 1,268,716 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Gates Industrial by 6,879.6% in the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock valued at $18,670,000 after purchasing an additional 1,048,596 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on GTES. KeyCorp increased their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Royal Bank of Canada increased their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Citigroup reduced their target price 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. Finally, Jefferies Financial Group boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

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.