Gates Industrial Corp PLC (NYSE:GTES) Short Interest Up 6.0% in January

Gates Industrial Corp PLC (NYSE:GTES) was the recipient of a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 8,100,000 shares, a growth of 6.0% from the January 15th total of 7,640,000 shares. Based on an average daily trading volume, of 2,510,000 shares, the short-interest ratio is presently 3.2 days. Approximately 3.4% of the company’s stock are short sold.

Analysts Set New Price Targets

Several brokerages have commented on GTES. 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 increased their price target on shares of 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 increased their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Barclays increased their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Citigroup dropped their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and an average price target of $23.20.

Institutional Investors Weigh In On Gates Industrial

Hedge funds and other institutional investors have recently bought and sold shares of the business. GeoWealth Management LLC lifted its holdings in Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after acquiring an additional 789 shares during the period. Assetmark Inc. lifted its holdings in Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after acquiring an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in Gates Industrial in the fourth quarter valued at $43,000. Versant Capital Management Inc lifted its holdings in Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares during the period. Finally, SRS Capital Advisors Inc. increased its position in shares of Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after buying an additional 724 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of NYSE GTES traded up $0.67 during mid-day trading on Tuesday, hitting $23.32. 3,211,923 shares of the company were exchanged, compared to its average volume of 2,326,310. 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 has a 50 day simple moving average of $21.01 and a 200-day simple moving average of $19.50. Gates Industrial has a 1-year low of $13.17 and a 1-year high of $23.41. The firm has a market cap of $5.94 billion, a price-to-earnings ratio of 31.94 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results 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 9.65% and a net margin of 5.72%. On average, sell-side analysts forecast that Gates Industrial will post 1.4 EPS for the current fiscal year.

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.