Gates Industrial Target of Unusually Large Options Trading (NYSE:GTES)

Gates Industrial Corporation PLC (NYSE:GTES) was the recipient of unusually large options trading activity on Wednesday. Stock investors purchased 7,010 call options on the company. This represents an increase of 187% compared to the typical volume of 2,442 call options.

Insider Buying and Selling

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the company’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the sale, the chief financial officer owned 177,627 shares in the company, valued at approximately $4,044,566.79. This represents a 11.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.70% of the stock is owned by insiders.

Institutional Trading of Gates Industrial

A number of institutional investors have recently added to or reduced their stakes in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Gates Industrial by 1.0% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 52,700 shares of the company’s stock valued at $1,308,000 after buying an additional 500 shares during the period. Glenmede Investment Management LP increased its holdings in Gates Industrial by 0.9% during the 3rd quarter. Glenmede Investment Management LP now owns 55,047 shares of the company’s stock worth $1,366,000 after acquiring an additional 514 shares during the period. Public Employees Retirement System of Ohio lifted its stake in Gates Industrial by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 85,178 shares of the company’s stock worth $2,114,000 after purchasing an additional 543 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in Gates Industrial by 4.3% in the 3rd quarter. CIBC Asset Management Inc now owns 13,612 shares of the company’s stock valued at $338,000 after purchasing an additional 565 shares during the period. Finally, Tectonic Advisors LLC grew its position in shares of Gates Industrial by 2.4% during the 3rd quarter. Tectonic Advisors LLC now owns 24,762 shares of the company’s stock valued at $615,000 after purchasing an additional 572 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GTES. Wall Street Zen cut Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 28th. Citigroup reduced their price target on Gates Industrial from $31.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Royal Bank Of Canada decreased their price objective on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Thursday, October 30th. Wells Fargo & Company assumed coverage on Gates Industrial in a research note on Thursday, November 13th. They set an “equal weight” rating and a $23.00 target price for the company. Finally, UBS Group dropped their price target on shares of Gates Industrial from $30.00 to $29.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.27.

Gates Industrial Stock Performance

NYSE:GTES traded up $0.20 during trading on Wednesday, reaching $21.74. The company’s stock had a trading volume of 2,492,398 shares, compared to its average volume of 2,327,755. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of 23.87 and a beta of 1.22. The firm has a 50 day moving average of $23.45 and a 200-day moving average of $23.82. Gates Industrial has a 12 month low of $14.70 and a 12 month high of $26.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.50 and a current ratio of 3.52.

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.