Gates Industrial Target of Unusually Large Options Trading (NYSE:GTES)

Gates Industrial Corp PLC (NYSE:GTES) was the recipient of unusually large options trading activity on Thursday. Traders purchased 3,194 put options on the stock. This is an increase of 293% compared to the typical daily volume of 813 put options.

Gates Industrial Stock Performance

Shares of GTES stock traded down $0.04 on Thursday, hitting $19.57. The company’s stock had a trading volume of 515,154 shares, compared to its average volume of 2,701,910. Gates Industrial has a fifty-two week low of $15.14 and a fifty-two week high of $23.85. The company has a market capitalization of $5.00 billion, a PE ratio of 26.80 and a beta of 1.33. The stock’s 50 day moving average is $20.86 and its 200-day moving average is $20.02. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities research analysts expect that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GTES shares. Royal Bank of Canada lifted their price target on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Evercore ISI lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Jefferies Financial Group increased their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. KeyCorp lifted their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, Citigroup decreased their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.11.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the purchase, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

A number of large investors have recently bought and sold shares of the company. California State Teachers Retirement System raised its position in shares of Gates Industrial by 14.1% in the 4th quarter. California State Teachers Retirement System now owns 225,512 shares of the company’s stock valued at $4,639,000 after buying an additional 27,898 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Gates Industrial by 3.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,815 shares of the company’s stock valued at $819,000 after purchasing an additional 1,363 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Gates Industrial during the fourth quarter worth $10,033,000. Brucke Financial Inc. acquired a new stake in shares of Gates Industrial in the 4th quarter valued at $224,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Gates Industrial in the 4th quarter valued at $209,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.