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 Wednesday. Investors bought 6,003 call options on the stock. This is an increase of approximately 137% compared to the typical daily volume of 2,534 call options.

Gates Industrial Stock Performance

Shares of Gates Industrial stock traded up $0.19 during trading on Wednesday, reaching $21.39. The company’s stock had a trading volume of 423,394 shares, compared to its average volume of 2,324,086. The business’s fifty day moving average price is $24.40 and its 200-day moving average price is $23.73. Gates Industrial has a one year low of $14.70 and a one year high of $26.46. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of 23.45 and a beta of 1.25. 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 (NYSE:GTES) last announced its earnings results on Wednesday, October 29th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $855.70 million for the quarter, compared to analyst estimates of $860.95 million. Gates Industrial had a net margin of 6.93% and a return on equity of 10.38%. Gates Industrial’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.33 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.480-1.520 EPS. As a group, equities research analysts predict that Gates Industrial will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction 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 sale, the chief financial officer owned 177,627 shares in the company, valued at approximately $4,044,566.79. This represents a 11.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

Several large investors have recently added to or reduced their stakes in GTES. True Wealth Design LLC lifted its position in Gates Industrial by 133.2% in the third quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock worth $29,000 after purchasing an additional 666 shares during the period. SVB Wealth LLC bought a new position in shares of Gates Industrial during the 1st quarter worth about $34,000. Allworth Financial LP boosted its position in shares of Gates Industrial by 43.0% during the 2nd quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after acquiring an additional 630 shares in the last quarter. SJS Investment Consulting Inc. raised its position in Gates Industrial by 5,123.7% in 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 in the last quarter. Finally, Quent Capital LLC acquired a new position in shares of Gates Industrial in the 3rd quarter worth approximately $51,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

GTES has been the subject of a number of recent research reports. Citigroup lowered their target price on Gates Industrial from $31.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. Barclays reiterated an “overweight” rating and set a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Wall Street Zen raised Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 4th. KeyCorp reaffirmed an “overweight” rating and set a $30.00 price target (up from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Finally, Wells Fargo & Company initiated coverage on Gates Industrial in a report on Thursday, November 13th. They set an “equal weight” rating and a $23.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.17.

Gates Industrial Company Profile

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.