Traders Purchase High Volume of Call Options on Gates Industrial (NYSE:GTES)

Gates Industrial Corporation PLC (NYSE:GTES) was the recipient of some unusual options trading on Monday. Traders bought 11,106 call options on the company. This represents an increase of 417% compared to the average daily volume of 2,147 call options.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GTES shares. Zacks Research lowered Gates Industrial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, December 29th. Citigroup reiterated a “buy” rating on shares of Gates Industrial in a report on Monday, January 12th. Wall Street Zen cut shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. Finally, Wells Fargo & Company initiated coverage on Gates Industrial in a research note on Thursday, November 13th. They set an “equal weight” rating and a $23.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.09.

Gates Industrial Trading Up 0.7%

Shares of NYSE:GTES opened at $26.99 on Tuesday. The company has a quick ratio of 2.50, a current ratio of 3.52 and a debt-to-equity ratio of 0.61. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $27.29. The business has a 50-day moving average price of $22.68 and a 200-day moving average price of $23.77. The stock has a market cap of $6.97 billion, a price-to-earnings ratio of 29.66 and a beta of 1.27.

Insider Buying and Selling

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the transaction, the chief financial officer owned 177,627 shares in the company, valued at $4,044,566.79. This trade represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Gates Industrial

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Gates Industrial by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,753,365 shares of the company’s stock worth $664,019,000 after buying an additional 1,281,339 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Gates Industrial by 5.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 14,169,457 shares of the company’s stock valued at $312,578,000 after acquiring an additional 717,353 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Gates Industrial by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 10,850,516 shares of the company’s stock valued at $269,308,000 after purchasing an additional 28,760 shares during the last quarter. Invesco Ltd. boosted its stake in Gates Industrial by 3.0% during the third quarter. Invesco Ltd. now owns 7,861,494 shares of the company’s stock worth $195,122,000 after buying an additional 226,075 shares during the period. Finally, State Street Corp boosted its position in shares of Gates Industrial by 2.4% during the 2nd quarter. State Street Corp now owns 7,346,884 shares of the company’s stock worth $169,199,000 after purchasing an additional 170,597 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

About Gates Industrial

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.