Short Interest in Gates Industrial Corp PLC (NYSE:GTES) Expands By 6.8%

Gates Industrial Corp PLC (NYSE:GTESGet Free Report) was the target of a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 9,640,000 shares, a growth of 6.8% from the April 30th total of 9,030,000 shares. Based on an average daily trading volume, of 3,090,000 shares, the days-to-cover ratio is currently 3.1 days. Currently, 5.1% of the shares of the stock are short sold.

Insider Transactions at Gates Industrial

In other news, major shareholder Blackstone Inc. sold 20,125,000 shares of Gates Industrial stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total transaction of $328,641,250.00. Following the completion of the transaction, the insider now owns 77,326 shares of the company’s stock, valued at approximately $1,262,733.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC lifted its stake in shares of Gates Industrial by 796.0% in the 4th quarter. SG Americas Securities LLC now owns 88,480 shares of the company’s stock valued at $1,187,000 after purchasing an additional 78,605 shares in the last quarter. LSV Asset Management lifted its position in Gates Industrial by 103.7% during the 4th quarter. LSV Asset Management now owns 2,809,223 shares of the company’s stock worth $37,700,000 after acquiring an additional 1,430,149 shares in the last quarter. Auxier Asset Management lifted its position in Gates Industrial by 10.8% during the 3rd quarter. Auxier Asset Management now owns 174,349 shares of the company’s stock worth $2,024,000 after acquiring an additional 17,000 shares in the last quarter. Pacer Advisors Inc. lifted its position in Gates Industrial by 20.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,613,276 shares of the company’s stock worth $48,490,000 after acquiring an additional 624,517 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in Gates Industrial by 8.9% during the 3rd quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock worth $88,265,000 after acquiring an additional 620,131 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Stock Down 0.7 %

GTES opened at $17.29 on Tuesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.15. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of 19.00 and a beta of 1.43. The business has a 50-day moving average of $17.30 and a two-hundred day moving average of $14.95. Gates Industrial has a 12 month low of $10.68 and a 12 month high of $17.99.

Gates Industrial (NYSE:GTESGet Free Report) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. The business had revenue of $862.60 million for the quarter, compared to analyst estimates of $866.00 million. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. On average, research analysts expect that Gates Industrial will post 1.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

GTES has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their price objective on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. KeyCorp upgraded Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Thursday, February 22nd. Citigroup lifted their price objective on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Jefferies Financial Group initiated coverage on Gates Industrial in a research report on Thursday, February 29th. They set a “buy” rating and a $21.00 price objective for the company. Finally, Evercore ISI lifted their price objective on Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and an average price target of $18.88.

Read Our Latest Research Report on Gates Industrial

Gates Industrial Company Profile

(Get Free Report)

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.

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