Investors Purchase High Volume of Gates Industrial Call Options (NYSE:GTES)

Gates Industrial Corporation PLC (NYSE:GTES) saw unusually large options trading on Monday. Traders bought 11,106 call options on the company. This represents an increase of 417% compared to the average volume of 2,147 call options.

Insiders Place Their Bets

In related news, CFO Lawrence B. Mallard sold 22,188 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total value of $505,220.76. Following the sale, the chief financial officer directly owned 177,627 shares in the company, valued at $4,044,566.79. The trade was a 11.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds have recently bought and sold shares of GTES. Hantz Financial Services Inc. lifted its stake in Gates Industrial by 2.9% during the fourth quarter. Hantz Financial Services Inc. now owns 109,931 shares of the company’s stock worth $2,360,000 after purchasing an additional 3,137 shares during the last quarter. FourThought Financial Partners LLC bought a new position in shares of Gates Industrial in the 4th quarter worth about $218,000. Global Retirement Partners LLC lifted its position in shares of Gates Industrial by 141.5% in the 4th quarter. Global Retirement Partners LLC now owns 4,675 shares of the company’s stock worth $100,000 after buying an additional 2,739 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Gates Industrial by 16.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 26,948 shares of the company’s stock valued at $579,000 after buying an additional 3,721 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Gates Industrial by 1.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 59,085 shares of the company’s stock valued at $1,269,000 after buying an additional 1,100 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GTES has been the subject of a number of recent analyst reports. Wells Fargo & Company initiated coverage on shares of Gates Industrial in a report on Thursday, November 13th. They issued an “equal weight” rating and a $23.00 target price for the company. Citigroup reiterated a “buy” rating on shares of Gates Industrial in a report on Monday, January 12th. UBS Group lowered their price objective on shares of Gates Industrial from $29.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, January 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gates Industrial in a research report on Monday, December 29th. Finally, Zacks Research cut Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Gates Industrial has an average rating of “Moderate Buy” and a consensus price target of $27.09.

Gates Industrial Stock Up 1.0%

Gates Industrial stock traded up $0.28 during midday trading on Monday, hitting $27.09. 475,266 shares of the stock were exchanged, compared to its average volume of 2,387,006. Gates Industrial has a 1 year low of $14.70 and a 1 year high of $27.29. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.52 and a quick ratio of 2.50. The firm has a market cap of $7.00 billion, a P/E ratio of 29.78 and a beta of 1.27. The company has a 50 day moving average price of $22.59 and a two-hundred day moving average price of $23.76.

Gates Industrial Company Profile

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.