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

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

Gates Industrial Trading Up 0.3 %

NYSE:GTES opened at $19.66 on Friday. Gates Industrial has a one year low of $15.14 and a one year high of $23.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The company’s 50-day simple moving average is $20.85 and its 200 day simple moving average is $20.02. The firm has a market capitalization of $5.02 billion, a P/E ratio of 26.94 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, analysts forecast that Gates Industrial will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares of the company’s stock, valued at $3,686,121.12. The trade was a 46.71 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Gates Industrial

Hedge funds have recently bought and sold shares of the business. Mutual of America Capital Management LLC purchased a new position in Gates Industrial in the third quarter worth about $597,000. Foundry Partners LLC purchased a new position in Gates Industrial in the third quarter worth about $4,247,000. Jennison Associates LLC raised its holdings in Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after buying an additional 1,268,407 shares during the last quarter. Verition Fund Management LLC raised its holdings in Gates Industrial by 322.7% in the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock worth $6,660,000 after buying an additional 289,722 shares during the last quarter. Finally, Stifel Financial Corp raised its holdings in Gates Industrial by 40.3% in the third quarter. Stifel Financial Corp now owns 139,338 shares of the company’s stock worth $2,445,000 after buying an additional 40,027 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on GTES. KeyCorp raised their target price 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. Citigroup cut their target price 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. Royal Bank of Canada lifted their target price 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. Barclays cut their target price on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Finally, Evercore ISI lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $24.11.

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.