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

Gates Industrial Corp PLC (NYSE:GTES) was the target of some unusual options trading activity on Friday. Stock investors acquired 3,945 call options on the company. This is an increase of approximately 366% compared to the typical volume of 847 call options.

Gates Industrial Trading Down 1.7 %

GTES opened at $19.33 on Friday. The stock has a market capitalization of $4.94 billion, a P/E ratio of 26.48 and a beta of 1.33. Gates Industrial has a 12 month low of $15.14 and a 12 month high of $23.85. The firm’s fifty day simple moving average is $20.84 and its 200 day simple moving average is $20.03. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting 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, research analysts anticipate that Gates Industrial will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Evercore ISI lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. The Goldman Sachs Group reduced their price target on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Wednesday. Barclays reduced their price target on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Jefferies Financial Group lifted their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Citigroup reduced their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.11.

Insider Activity at Gates Industrial

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

Institutional Investors Weigh In On Gates Industrial

Institutional investors have recently added to or reduced their stakes in the stock. GeoWealth Management LLC lifted its position in Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares in the last quarter. Assetmark Inc. lifted its position in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after buying an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Gates Industrial during the 4th quarter worth about $43,000. Versant Capital Management Inc lifted its position in Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after buying an additional 1,598 shares in the last quarter. Finally, SRS Capital Advisors Inc. lifted its position in Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after buying an additional 724 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

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.