Gates Industrial Corp PLC (NYSE:GTES – Get Free Report) was the target of a large decline in short interest in August. As of August 15th, there was short interest totalling 11,790,000 shares, a decline of 10.3% from the July 31st total of 13,150,000 shares. Based on an average daily trading volume, of 3,730,000 shares, the short-interest ratio is presently 3.2 days. Currently, 5.3% of the shares of the company are sold short.
Analyst Ratings Changes
Several equities analysts recently commented on the stock. Evercore ISI boosted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Robert W. Baird reduced their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Barclays dropped their price objective on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Finally, The Goldman Sachs Group lifted their price target on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and an average target price of $19.44.
Insider Activity at Gates Industrial
In related news, Director Wilson S. Neely purchased 11,952 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was purchased at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the acquisition, the director now directly owns 6,000 shares of the company’s stock, valued at $100,800. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by company insiders.
Institutional Investors Weigh In On Gates Industrial
Several institutional investors and hedge funds have recently modified their holdings of the stock. Kestra Investment Management LLC bought a new position in Gates Industrial in the second quarter worth $474,000. Truist Financial Corp grew its position in shares of Gates Industrial by 29.7% in the 2nd quarter. Truist Financial Corp now owns 311,124 shares of the company’s stock worth $4,919,000 after buying an additional 71,252 shares during the period. Brandes Investment Partners LP increased its stake in shares of Gates Industrial by 19.4% in the 2nd quarter. Brandes Investment Partners LP now owns 2,054,854 shares of the company’s stock worth $32,482,000 after acquiring an additional 333,894 shares in the last quarter. Algert Global LLC purchased a new position in Gates Industrial during the 2nd quarter valued at about $316,000. Finally, Mackenzie Financial Corp grew its holdings in Gates Industrial by 4,077.5% in the second quarter. Mackenzie Financial Corp now owns 443,948 shares of the company’s stock worth $7,019,000 after purchasing an additional 433,321 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.
Gates Industrial Price Performance
GTES traded up $0.31 during midday trading on Friday, hitting $18.16. The stock had a trading volume of 2,387,207 shares, compared to its average volume of 3,465,113. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $19.07. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11. The business has a fifty day moving average of $16.80 and a 200 day moving average of $16.67. The company has a market cap of $4.75 billion, a P/E ratio of 19.96 and a beta of 1.44.
Gates Industrial (NYSE:GTES – Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The company had revenue of $885.50 million during the quarter, compared to analysts’ expectations of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. As a group, equities analysts forecast that Gates Industrial will post 1.22 earnings per share for the current fiscal year.
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.