Gates Industrial Corp PLC (NYSE:GTES – Get Free Report) saw a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 6,070,000 shares, an increase 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 presently 2.2 days. Currently, 2.5% of the company’s shares are short sold.
Analyst Upgrades and Downgrades
GTES has been the topic of a number of research reports. Citigroup lowered their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Jefferies Financial Group lifted their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. KeyCorp raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Finally, The Goldman Sachs Group lifted their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $22.50.
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Gates Industrial Stock Performance
Shares of NYSE GTES opened at $20.24 on Tuesday. Gates Industrial has a 12 month low of $12.40 and a 12 month high of $23.34. 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 company has a market cap of $5.15 billion, a P/E ratio of 24.38 and a beta of 1.37. The business’s 50 day moving average is $21.05 and its two-hundred day moving average is $19.18.
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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