Gates Industrial Corp PLC (NYSE:GTES) Short Interest Up 6.0% in January

Gates Industrial Corp PLC (NYSE:GTES) was the recipient of a large increase in short interest in January. As of January 31st, there was short interest totalling 8,100,000 shares, an increase of 6.0% from the January 15th total of 7,640,000 shares. Currently, 3.4% of the shares of the stock are sold short. Based on an average daily volume of 2,510,000 shares, the days-to-cover ratio is presently 3.2 days.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC lifted its stake in shares of Gates Industrial by 48.9% in the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Gates Industrial by 4.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock valued at $317,461,000 after purchasing an additional 616,687 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Gates Industrial by 2.3% in the 4th quarter. Invesco Ltd. now owns 7,406,630 shares of the company’s stock valued at $152,354,000 after purchasing an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI lifted its position in Gates Industrial by 0.3% during the 4th quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company’s stock worth $148,615,000 after acquiring an additional 21,191 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in Gates Industrial by 1.3% during the 4th quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company’s stock worth $135,145,000 after acquiring an additional 85,253 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Trading Up 2.9 %

GTES traded up $0.67 during midday trading on Tuesday, hitting $23.32. The company’s stock had a trading volume of 3,211,923 shares, compared to its average volume of 2,326,310. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm has a market cap of $5.94 billion, a P/E ratio of 31.94 and a beta of 1.37. The firm has a 50-day moving average price of $21.01 and a two-hundred day moving average price of $19.50. Gates Industrial has a 52-week low of $13.17 and a 52-week high of $23.41.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%. On average, research analysts anticipate that Gates Industrial will post 1.4 earnings per share for the current year.

Analysts Set New Price Targets

GTES has been the subject of a number of recent research reports. Citigroup dropped their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Royal Bank of Canada lifted their price objective on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Jefferies Financial Group lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. The Goldman Sachs Group lifted their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Finally, KeyCorp lifted their price objective on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.20.

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.