Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Stock investors purchased 5,002 call options on the company. This is an increase of 163% compared to the average daily volume of 1,903 call options.
Wall Street Analysts Forecast Growth
GTES has been the subject of a number of research reports. Royal Bank Of Canada upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 14th. KeyCorp upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Morgan Stanley lowered their price objective on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group upped their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $23.22.
Check Out Our Latest Analysis on Gates Industrial
Gates Industrial Stock Up 1.5%
Gates Industrial stock traded up $0.34 during trading hours on Thursday, reaching $22.94. The stock had a trading volume of 2,022,526 shares, compared to its average volume of 2,796,735. The company has a market cap of $5.91 billion, a price-to-earnings ratio of 27.97 and a beta of 1.21. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35. The business's 50 day moving average price is $20.81 and its 200-day moving average price is $20.39. Gates Industrial has a 52 week low of $14.70 and a 52 week high of $23.85.
Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The firm's revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 earnings per share. Sell-side analysts anticipate that Gates Industrial will post 1.36 EPS for the current year.
Hedge Funds Weigh In On Gates Industrial
Several hedge funds have recently modified their holdings of GTES. GeoWealth Management LLC increased its holdings in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after acquiring an additional 789 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after acquiring an additional 1,514 shares in the last quarter. SVB Wealth LLC acquired a new position in shares of Gates Industrial during the first quarter valued at about $34,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Gates Industrial during the fourth quarter valued at about $43,000. Finally, SRS Capital Advisors Inc. increased its holdings in shares of Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after acquiring an additional 724 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.
About Gates Industrial
(
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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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