Gates Industrial Corp PLC (NYSE:GTES) Sees Significant Growth in Short Interest

Gates Industrial Corp PLC (NYSE:GTESGet 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.

Get Our Latest Stock Report on Gates Industrial

Hedge Funds Weigh In On Gates Industrial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its stake in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after buying an additional 1,598 shares during the last quarter. Venturi Wealth Management LLC boosted its position in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in Gates Industrial in the 3rd quarter worth $67,000. GAMMA Investing LLC grew its holdings in Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares during the last quarter. Finally, Quarry LP bought a new position in Gates Industrial in the third quarter worth approximately $71,000. 98.50% of the stock is owned by institutional investors.

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

(Get Free Report)

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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