Gates Industrial Sees Unusually Large Options Volume (NYSE:GTES)

Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) saw some unusual options trading on Wednesday. Stock investors bought 5,002 call options on the company. This represents an increase of 163% compared to the typical daily volume of 1,903 call options.

Hedge Funds Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC grew its position in shares of Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after purchasing an additional 6,383,165 shares during the last quarter. Invesco Ltd. grew its position in Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock worth $152,354,000 after buying an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI grew its position in Gates Industrial by 0.6% during the first quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company's stock worth $133,774,000 after buying an additional 41,541 shares in the last quarter. Jennison Associates LLC grew its position in Gates Industrial by 30.5% during the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock worth $127,386,000 after buying an additional 1,618,598 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in Gates Industrial by 1.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock worth $135,145,000 after buying an additional 85,253 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of research reports. Barclays boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, May 12th. The Goldman Sachs Group boosted their price target on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Citigroup lowered their target price on Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. KeyCorp lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Finally, Morgan Stanley lowered their target price on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $23.22.

Gates Industrial Stock Performance

NYSE GTES traded up $0.28 during trading on Friday, reaching $23.18. 2,853,611 shares of the company's stock were exchanged, compared to its average volume of 2,801,271. The business has a 50 day moving average price of $20.94 and a 200-day moving average price of $20.40. The stock has a market capitalization of $5.98 billion, a P/E ratio of 28.27 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. Gates Industrial has a fifty-two week low of $14.70 and a fifty-two week high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The business's revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.31 earnings per share. Sell-side analysts forecast that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

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.