Gates Industrial Corp PLC (NYSE:GTES) Short Interest Up 15.1% in August

Share on StockTwits

Gates Industrial Corp PLC (NYSE:GTES) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 2,877,800 shares, an increase of 15.1% from the July 31st total of 2,500,200 shares. Approximately 6.4% of the company’s shares are sold short. Based on an average daily trading volume, of 770,100 shares, the short-interest ratio is currently 3.7 days.

GTES has been the subject of a number of research analyst reports. TheStreet lowered shares of Gates Industrial from a “c-” rating to a “d+” rating in a research note on Monday, June 3rd. KeyCorp reduced their target price on shares of Gates Industrial from $19.00 to $15.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Zacks Investment Research raised shares of Gates Industrial from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 11th. Morgan Stanley set a $9.00 target price on shares of Gates Industrial and gave the stock a “hold” rating in a research note on Monday, August 12th. Finally, Barclays reaffirmed a “hold” rating and issued a $13.00 target price on shares of Gates Industrial in a research note on Thursday, June 6th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $14.43.

In related news, major shareholder Blackstone Group Inc bought 282,500 shares of Gates Industrial stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average cost of $8.22 per share, with a total value of $2,322,150.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Aggregator (Cayman) L.P. Omaha bought 209,000 shares of Gates Industrial stock in a transaction that occurred on Monday, August 26th. The stock was bought at an average cost of $8.45 per share, with a total value of $1,766,050.00. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 1,286,808 shares of company stock valued at $10,573,815. 0.71% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Nomura Holdings Inc. lifted its stake in Gates Industrial by 160.2% in the 2nd quarter. Nomura Holdings Inc. now owns 47,500 shares of the company’s stock valued at $544,000 after purchasing an additional 126,454 shares during the last quarter. First Manhattan Co. lifted its stake in Gates Industrial by 246.1% in the 2nd quarter. First Manhattan Co. now owns 2,747,445 shares of the company’s stock valued at $31,348,000 after purchasing an additional 1,953,610 shares during the last quarter. Auxier Asset Management lifted its stake in Gates Industrial by 79.2% in the 2nd quarter. Auxier Asset Management now owns 20,357 shares of the company’s stock valued at $232,000 after purchasing an additional 9,000 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in Gates Industrial in the 2nd quarter valued at about $2,189,000. Finally, Citadel Advisors LLC lifted its stake in Gates Industrial by 325.8% in the 2nd quarter. Citadel Advisors LLC now owns 319,748 shares of the company’s stock valued at $3,648,000 after purchasing an additional 244,662 shares during the last quarter.

Shares of Gates Industrial stock traded up $0.02 during trading hours on Friday, reaching $10.37. 303,061 shares of the company’s stock were exchanged, compared to its average volume of 711,934. The company has a 50 day moving average of $9.09 and a two-hundred day moving average of $12.38. Gates Industrial has a fifty-two week low of $6.76 and a fifty-two week high of $20.29. The company has a current ratio of 2.91, a quick ratio of 2.06 and a debt-to-equity ratio of 1.07. The stock has a market cap of $2.94 billion, a P/E ratio of 8.85 and a beta of 1.97.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.26 EPS for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.01). Gates Industrial had a return on equity of 13.03% and a net margin of 23.82%. The business had revenue of $809.90 million for the quarter, compared to analyst estimates of $846.93 million. The business’s revenue for the quarter was down 7.5% on a year-over-year basis. As a group, analysts expect that Gates Industrial will post 0.91 earnings per share for the current fiscal year.

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.

Read More: What are no-load funds?

Receive News & Ratings for Gates Industrial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gates Industrial and related companies with MarketBeat.com's FREE daily email newsletter.