Gates Industrial Target of Unusually Large Options Trading (NYSE:GTES)

Gates Industrial Corporation PLC (NYSE:GTES) was the target of unusually large options trading on Monday. Investors purchased 11,106 call options on the stock. This is an increase of approximately 417% compared to the typical daily volume of 2,147 call options.

Gates Industrial Stock Performance

Shares of NYSE GTES traded up $0.28 during midday trading on Monday, reaching $27.09. 475,266 shares of the company traded hands, compared to its average volume of 2,387,006. The company has a market cap of $7.00 billion, a price-to-earnings ratio of 29.78 and a beta of 1.27. The stock has a 50-day moving average price of $22.59 and a 200 day moving average price of $23.76. Gates Industrial has a 52 week low of $14.70 and a 52 week 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GTES shares. UBS Group cut their target price on Gates Industrial from $29.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, January 5th. Wall Street Zen cut shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research note on Monday, December 29th. Zacks Research cut shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Gates Industrial from $33.00 to $32.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 16th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.09.

Insider Transactions at Gates Industrial

In related news, CFO Lawrence B. Mallard sold 22,188 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the transaction, the chief financial officer 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 document filed with the SEC, which is available through this hyperlink. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of Gates Industrial

A number of institutional investors have recently made changes to their positions in GTES. True Wealth Design LLC increased its holdings in shares of Gates Industrial by 133.2% in the third quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock valued at $29,000 after buying an additional 666 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Gates Industrial by 43.0% in the 2nd quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock worth $48,000 after acquiring an additional 630 shares during the last quarter. SJS Investment Consulting Inc. raised its position in shares of Gates Industrial by 5,123.7% during the third quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock worth $49,000 after purchasing an additional 1,947 shares during the period. Quent Capital LLC purchased a new stake in shares of Gates Industrial during the third quarter valued at $51,000. Finally, Avanza Fonder AB boosted its position in shares of Gates Industrial by 85.3% in the 3rd quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock valued at $61,000 after purchasing an additional 1,124 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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.