Gates Industrial Corp PLC (NYSE:GTES – Get Free Report) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 2,860,000 shares, a growth of 5.1% from the October 15th total of 2,720,000 shares. Approximately 1.9% of the company’s shares are short sold. Based on an average daily volume of 1,750,000 shares, the short-interest ratio is currently 1.6 days.
Gates Industrial Stock Up 1.2 %
Shares of GTES traded up $0.14 during midday trading on Friday, hitting $12.05. The company had a trading volume of 1,026,646 shares, compared to its average volume of 1,320,382. The company’s 50-day simple moving average is $11.39 and its 200-day simple moving average is $12.28. The firm has a market capitalization of $3.18 billion, a P/E ratio of 13.25 and a beta of 1.51. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $14.93. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.14 and a current ratio of 2.97.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on GTES. Citigroup dropped their price objective on Gates Industrial from $17.00 to $16.00 in a research note on Friday, August 4th. TheStreet downgraded Gates Industrial from a “b-” rating to a “c+” rating in a research report on Wednesday, November 1st. Finally, Barclays reduced their price target on shares of Gates Industrial from $15.00 to $14.00 in a research report on Thursday, September 7th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $15.39.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its position in shares of Gates Industrial by 0.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,602,568 shares of the company’s stock worth $111,486,000 after purchasing an additional 47,587 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Gates Industrial by 20.0% in the second quarter. Dimensional Fund Advisors LP now owns 7,307,999 shares of the company’s stock valued at $98,511,000 after buying an additional 1,216,757 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Gates Industrial by 105.5% during the 3rd quarter. AQR Capital Management LLC now owns 7,044,308 shares of the company’s stock worth $81,784,000 after buying an additional 3,617,020 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its position in shares of Gates Industrial by 0.9% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 4,908,747 shares of the company’s stock worth $56,991,000 after acquiring an additional 45,317 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Gates Industrial by 12.5% in the 2nd quarter. BlackRock Inc. now owns 4,886,923 shares of the company’s stock valued at $65,876,000 after acquiring an additional 543,904 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.
About Gates Industrial
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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