Gates Industrial Corp PLC (NYSE:GTES – Get Free Report) was the recipient of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 2,860,000 shares, a growth of 5.1% from the October 15th total of 2,720,000 shares. Currently, 1.9% of the company’s shares are short sold. Based on an average daily volume of 1,750,000 shares, the short-interest ratio is currently 1.6 days.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC boosted its holdings in Gates Industrial by 787.8% in the second quarter. CWM LLC now owns 1,891 shares of the company’s stock worth $25,000 after acquiring an additional 1,678 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Gates Industrial by 207.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company’s stock worth $33,000 after purchasing an additional 1,588 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Gates Industrial during the 1st quarter worth approximately $45,000. Quarry LP acquired a new position in Gates Industrial during the 1st quarter valued at approximately $51,000. Finally, Covestor Ltd raised its holdings in shares of Gates Industrial by 42.8% in the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after buying an additional 1,454 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
GTES has been the topic of several research reports. TheStreet lowered Gates Industrial from a “b-” rating to a “c+” rating in a research note on Wednesday, November 1st. Citigroup lowered their price target on shares of Gates Industrial from $17.00 to $16.00 in a research report on Friday, August 4th. Finally, Barclays cut their price objective on shares of Gates Industrial from $15.00 to $14.00 in a report on Thursday, September 7th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.39.
Gates Industrial Stock Up 1.2 %
NYSE GTES traded up $0.14 on Friday, hitting $12.05. The stock had a trading volume of 1,026,604 shares, compared to its average volume of 1,320,382. The business’s fifty day moving average price is $11.39 and its 200 day moving average price is $12.29. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 13.08 and a beta of 1.51. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.97 and a quick ratio of 2.14. Gates Industrial has a 52-week low of $10.68 and a 52-week high of $14.93.
About Gates Industrial
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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