Short Interest in Gates Industrial Corp PLC (NYSE:GTES) Expands By 8.4%

Gates Industrial Corp PLC (NYSE:GTES) was the recipient of a significant growth in short interest in January. As of January 15th, there was short interest totalling 6,070,000 shares, a growth of 8.4% from the December 31st total of 5,600,000 shares. Based on an average daily volume of 2,820,000 shares, the short-interest ratio is currently 2.2 days. Approximately 2.5% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $21.00 to $25.00 in a research report on Thursday, December 5th. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Citigroup dropped their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Royal Bank of Canada upped their target price on Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Finally, Jefferies Financial Group raised their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Institutional Trading of Gates Industrial

Several institutional investors and hedge funds have recently made changes to their positions in the business. Tectonic Advisors LLC raised its holdings in shares of Gates Industrial by 3.6% during the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company’s stock worth $429,000 after purchasing an additional 724 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the last quarter. Bank of Montreal Can raised its holdings in Gates Industrial by 2.5% during the second quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after purchasing an additional 823 shares in the last quarter. Covestor Ltd lifted its stake in Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after buying an additional 1,001 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Gates Industrial by 29.0% during the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after purchasing an additional 1,130 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $20.24 on Tuesday. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The stock’s 50-day simple moving average is $21.05 and its 200-day simple moving average is $19.18. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 24.38 and a beta of 1.37. Gates Industrial has a 52 week low of $12.40 and a 52 week high of $23.34.

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.