Stock Traders Purchase Large Volume of Call Options on Gates Industrial (NYSE:GTES)

Gates Industrial Corporation PLC (NYSE:GTES) saw some unusual options trading activity on Wednesday. Traders bought 14,616 call options on the company. This is an increase of approximately 562% compared to the typical volume of 2,209 call options.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Citigroup dropped their price target on shares of Gates Industrial from $31.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday, October 30th. Wall Street Zen upgraded Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 20th. Zacks Research lowered Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. UBS Group lowered their price target on Gates Industrial from $29.00 to $28.00 and set a “buy” rating for the company in a research report on Monday. Finally, Royal Bank Of Canada cut their price objective on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.09.

Gates Industrial Stock Down 4.1%

Shares of NYSE:GTES traded down $0.94 during midday trading on Wednesday, hitting $22.06. 368,919 shares of the company’s stock traded hands, compared to its average volume of 1,409,202. The firm’s fifty day moving average price is $21.99 and its two-hundred day moving average price is $23.85. 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 has a twelve month low of $14.70 and a twelve month high of $26.46. The company has a market cap of $5.70 billion, a PE ratio of 24.25 and a beta of 1.24.

Insider Buying and Selling at Gates Industrial

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

Institutional Investors Weigh In On Gates Industrial

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Gates Industrial by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,753,365 shares of the company’s stock worth $664,019,000 after acquiring an additional 1,281,339 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Gates Industrial by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 10,850,516 shares of the company’s stock valued at $269,308,000 after purchasing an additional 28,760 shares during the period. Invesco Ltd. boosted its stake in shares of Gates Industrial by 3.0% in the third quarter. Invesco Ltd. now owns 7,861,494 shares of the company’s stock valued at $195,122,000 after purchasing an additional 226,075 shares during the period. State Street Corp grew its holdings in Gates Industrial by 2.4% during the 2nd quarter. State Street Corp now owns 7,346,884 shares of the company’s stock valued at $169,199,000 after purchasing an additional 170,597 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Gates Industrial by 22.3% during the 3rd quarter. Franklin Resources Inc. now owns 6,923,169 shares of the company’s stock worth $171,833,000 after buying an additional 1,261,849 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

About Gates Industrial

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.