Gates Industrial Corp PLC (NYSE:GTES) Short Interest Update

Gates Industrial Corp PLC (NYSE:GTES) saw a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 6,070,000 shares, an increase of 8.4% from the December 15th total of 5,600,000 shares. Based on an average daily trading volume, of 2,820,000 shares, the days-to-cover ratio is presently 2.2 days. Approximately 2.5% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Jefferies Financial Group boosted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. KeyCorp upped their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Royal Bank of Canada upped their price target on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. The Goldman Sachs Group upped their price target on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Finally, Citigroup lowered their price target on 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 seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

Gates Industrial Trading Up 0.9 %

Shares of GTES opened at $20.49 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. Gates Industrial has a 12-month low of $12.40 and a 12-month high of $23.34. The firm has a market capitalization of $5.22 billion, a PE ratio of 24.68 and a beta of 1.38. The stock’s fifty day simple moving average is $21.18 and its 200-day simple moving average is $18.87.

Hedge Funds Weigh In On Gates Industrial

Several large investors have recently made changes to their positions in GTES. Versant Capital Management Inc lifted its stake in shares of Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares during the period. Venturi Wealth Management LLC lifted its stake in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after buying an additional 814 shares during the period. Capital Performance Advisors LLP acquired a new position in Gates Industrial in the third quarter valued at about $67,000. GAMMA Investing LLC lifted its stake in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after buying an additional 2,998 shares during the period. Finally, Quarry LP acquired a new position in Gates Industrial in the third quarter valued at about $71,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.